my fiance and i are getting married next year. she has a good credit and i'm the opposite, is it better to buy a house now or after we get married? mortgagewise?, are we gonna end up paying more wen we buy a house after we get married because of my bad credit?
2007-10-02 05:58:16 · 8 answers · asked by pokwangtherock 1 in Business & Finance ➔ Renting & Real Estate
my fiance and i are getting married next year. she has a good credit and i'm the opposite, is it better to buy a house now or after we get married? mortgagewise?, are we gonna end up paying more wen we buy a house after we get married because of my bad credit?
I DO HAVE MONEY!!!!
mommeof3 stop judging me biatch!!!
u as a man...stupid biatch!!!!
2007-10-02 10:40:42 · update #1
AGAIN THIS IS ABOUT MY CREDIT RATING..... IT'S NOT ABOUT ME NO HAVING MONEY AND USING MY FIANCE'S MONEY STUPID JERKS!!!!....
I DONT GOT A GOOD CREDIT .....I DIDINT SAY I DONT GOT MONEY!!!
2007-10-02 16:04:22 · update #2
Buy now, your spotty credit will impact the deal. You realize that she will have title to the property, and that your name will not be an owner.
2007-10-02 06:06:45 · answer #1 · answered by redwine 6 · 1⤊ 0⤋
I have seen so many couples with good intentions at buying a house, only to break up and have many many legal problems.
Our laws are are set up for married couples to purchase properties and divide them. Others have to have some type of contract, which most couples will not do because of the fact that they are "IN LOVE".
My advise would be wait until after you are married to purchase a home for you guys. Now if you still have the mind to purchase one,please make some type of agreement between the two of you as to how the property is to be divided, who is to pay toward the mortgage.
Now once the property is puchased, if your name is not on the mortgage, the lender will not allow you to sign the deed to the propertyt at the closing.
You may add your name to the deed following the closing, check with the title company that did your closing, they will give you a title report with all the documents you will get. Just call them, they might even do a courtesy signing for ya.
You must add your name after closing, however, legally you will not be on the mortgage therefore if the property goes into foreclosure for non-payment the resulting bad credit will be reflected only on your fiance or wifes credit report.
Your wife can still purchase the house before or after the marriage as long as she qualifies for the mortgage with her imcome and credit score, and other things you mortgage broker might require to please the lender.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-10-02 07:51:40 · answer #2 · answered by loanmasterone 7 · 0⤊ 0⤋
If she can qualify for the mortgage income-wise on her own, then it shouldn't make a difference as far as the terms of the mortgage. If your credit would hurt the deal they can leave you off the mortgage and do it in her name even if you're married.
Really it's a question of how much she can afford on her income and how much of a down payment you both can come up with. If she doesn't make enough to qualify for the house on her own, then you should fix your credit and then reapply when you can use your income as well.
2007-10-02 07:08:44 · answer #3 · answered by matzael 3 · 1⤊ 0⤋
Well the rate is really based on who the primary wage earner is when you are married. So if she makes more money than you, it really won't matter, beyond that, if you have a high debt to income ratio, that will affect the approval process. The positive here is the income you bring to the table, that should allow you a larger loan amount.
2007-10-02 07:30:25 · answer #4 · answered by marxistharpist 2 · 0⤊ 0⤋
even if she has good credit, she may not have enough income on her own to buy a house/get a mortgage for the price range you want. if that is not a problem, let her buy the house alone. depending on which state you live in, the home may be considered a joint asset after marriage, but not the debt.
2007-10-02 06:42:43 · answer #5 · answered by DeeDee 6 · 1⤊ 0⤋
Why don't you rent for awhile until you get better credit. You, as a man, should not be relying on her, her credit or her money for things you want.
2007-10-02 06:03:35 · answer #6 · answered by mommeof3 4 · 1⤊ 0⤋
she should buy now if she can do so without you -or you should use this year to try to rebuild your credit so your first house can be bought together-try not to buy anything on credit together until yours is better because you don't want to hurt her
2007-10-02 06:12:42 · answer #7 · answered by suan b 3 · 1⤊ 0⤋
strongly suggest buying it before.....for her sake not yours
2007-10-02 06:06:36 · answer #8 · answered by curious115 7 · 1⤊ 0⤋