The mortgage application has my name only. How good is it to add my wife's name too on title? If I add her name in title, and in case of any default in future, will she be responsible for a part. Will it affect her credit history and bank balances anyway?? What are the Pros and Cons of having her name in Title.
2007-09-16 00:42:02 · 2 answers · asked by Ryan 2 in Business & Finance ➔ Renting & Real Estate
The mortgage has my name only, which is already approved.
2007-09-16 01:01:58 · update #1
Depends where you are. In England if you own a property in the sole name of husband or wife then the other has equal claim and should feature on any mortgage application. Also any other occupants of the property whether family members or not may acquire an 'equitable interest' if they contribute towards the cost of running the home other than for board and lodging. They may need to sign a disclaimer. By having her on the application her income will be taken into account when assessing your borrowing level. If there is default in the future then she'd just be as responsible as you anyway.
Can't speak for other countries
2007-09-16 00:58:46 · answer #1 · answered by quatt47 7 · 0⤊ 0⤋
By being married you already share all financial responsiblities for all debt incurred by one another. Adding her name to title as "Joint Tenant" gives her the right of survivorship if you were to die. Adding her to the mortgage just makes her as liable for the payments, but it also adds to her credit history. If you are concerned about her paying the mortgage after you die, there is insurance you can buy each year that covers both of you. So if one or both dies, the mortgage is paid off. If you default, she defaults doesn't matter whether you have her name on anything, because she is married to you she assumes responsibiliy for your debt.
2007-09-16 01:31:10 · answer #2 · answered by Alterfemego 7 · 1⤊ 0⤋