Her credit is better than his, so the rate is better with her name only on the loan. However, the house is in both of their names. Is this a good idea? It is their first house.
2007-01-16 13:31:52 · 5 answers · asked by racefans 2 in Business & Finance ➔ Renting & Real Estate
If you are speaking of the loan being in the wife's name and the recorded deed at the county recorder's office being in both their names that makes sense.
If she is more qualified than he is and have the income to back it up good.
In community property states he will have to sign a quit claim deed when the loan docs are signed.
Once the loan has closed then they can fill out and file another deed at the county recorder's office adding his name.
They should actually do this at a title company. It will cost a bit more but then it is worth it over the long run. The title company will do the notary work as well as the recording at the county recorder's office.
I hope this has been of some use to you, good luck.
"FIGHT ON:
2007-01-16 13:42:22 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
If the concern is getting the best interest rate and terms for this house, then yes it's a good idea. They should check the community property laws in their state, but with both names on the deed there's really no issue.
The idea that the spouse's name has to be on the deed and the loan documents is incorrect. I qualified for the loan under my own name and income, and the property was purchased in my name only. We moved to a state where I wasn't familiar with the community property law; I learned that my husband has a half interest in the property regardless of whether or not his name is on the deed. The only loan documents my husband signed were the Note, Deed of Trust and Truth In Lending Disclosure Statement, but my name is on the mortgage.
2007-01-16 14:08:58 · answer #2 · answered by Le_Roche 6 · 0⤊ 0⤋
The house and loan do not have to be "in the same names" I know this because my aunt lives with me and my husband, we hold the loan but she's on the title of the house.
As for whether it is a good idea ... well that depends on how optimistic you want to be about the future ... in the event of a divorce, it could get sticky. It would leave you with a loan and having to give up half the house (one way or another). I know most people don't want to view the future in that term but it's too much of a reality (I had family lose their house after a few years of marriage because the spouse was put on just because they got married - the house belonged to the parents and sold to the child - new spouse got half and never contributed a thing) So I'd be very cautious on having some sort of back up plan in the event things go sour ... I tend to want to be cautious and protective of my well being, but that's me ...
2007-01-16 13:42:52 · answer #3 · answered by Chele 5 · 0⤊ 0⤋
For the house to be in both names, the loan would also have to be in both names.
2007-01-16 13:34:52 · answer #4 · answered by Anonymous · 0⤊ 2⤋
if that is the only way to get it yes but i would have an attorney write out a legal document stating that if is both of you house. make sure that is legal. me and my husband are going through the same thing.
2007-01-16 14:09:27 · answer #5 · answered by punkins_wife121705 2 · 0⤊ 0⤋