I posted here some time ago that my partner and I are planning on getting a condo/house but I am going to be the only one on the mortgage. Obviously my partner will be paying into the mortgage though and we'll both be on the deed. I've checked this with the mortgage companies I have gotten pre-approvals/pre-qualifications from and there's no issue with him being added to the deed (also we're married so I'm pretty sure the property would be joint regardless).
The reasoning is that I qualify completely to pay it off, and we don't see a reason to tie up his credit with debt when he doesn't need to be on the mortgage. He also is planning on transitioning to part time work once we have a kid (sometime in the next year we hope, but I'm not pregnant yet). I got some negative feedback on here about the plan but nothing specific about **why** it was a bad idea financially. I.e. "I don't understand why a husband and wife wouldn't be on a mortgage together" and "It seems like you're trying to defraud him/get a leg up in a divorce."
I understand there is some risk to me personally I suppose as I am the only one on the hook for the loan, but again I'm not worried about the state of the relationship/divorce. My partner is also highly educated and has higher earning potential then now. He could go back to work again if I got hit by a bus or something and he had to pay the mortgage. But I'm not sure why else it could potentially be a bad idea.
Submitted January 10, 2019 at 07:12AM by Jergens1 http://bit.ly/2VH8azn
