My wife and I are about to purchase a house together.
My mortgage broker told me yesterday that he can get me a substantially better mortgage if I apply alone, compared to if my wife and I apply together. For what it's worth, I make about 75-80% of our combined income.
Question 1: Are there any good/bad implications to not having my wife on the mortgage? Would it help/hurt either of our credit ratings?
My wife and I have been married 12 years, and are happy/in love with no intent to split up. But this is the real world, and life can bring unexpected changes.
Question 2: If I do get a mortgage in my name only, should I also put the deed in my name only? The mortgage broker kind of said something like "you might not want to own the WHOLE loan but only HALF the house - I'll leave that part up to you. I'm not a lawyer though". Is that a legitimate concern? If we buy the house together as a married couple, isn't she effectively getting half the loan and half the house, regardless of whether she is actually on the mortgage and the lease? Or is this a valid concern in the (unlikely) event that we some day split up? Any good or bad implication of the deed being in my name only?
Submitted February 26, 2017 at 12:54PM by InTheMuck http://ift.tt/2mzvw7Q
