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New Visitor
Posts: 3
Registered: ‎04-19-2017
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Mortgage status without me?

Fiancé and i are house hunting to relocate from Ga to SC. We both have decent credit, his is a bit better than mines because he has a lot longer history. I am rebuilding after a failed marriage.

He also makes more than i do, about twice as far as base salary and way more in overtime. That said our combined income was over 150k last year and with bonuses at our new positions, could reach 175k next year. Not much debt, nothing major.

My question is this. Because my score still needs work (620 range across the board) he is suggesting we go ahead and put the mortgage in his name since we dont plan on buying more than 250k worth of house...and just add my name to the deed. His score is just at 700. Id prefer to wait a bit until mines has caught up. Maybe I'm being picky but will it make a difference? Im putting in a significant amount of money and time in rebuilding so i can buy a house. Its a goal of mines. I feel like just being on the deed won't be the same.

So what are the benefits vs downfalls of cobuyer/signer compared to being on the deed....especially if this happens (we find the perfect house) before we get married! Thx
Regular Contributor
Posts: 147
Registered: ‎09-13-2012
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Re: Mortgage status without me?

I just went through the same thing, although my husband is not on the loan.   I was told by my lender that if the person is not on the loan, they cannot be on the deed.  Granted, I live in PA, so I am interested also in what others have to say.    Good luck - we hope to retire in SC!

New Visitor
Posts: 3
Registered: ‎04-19-2017
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Re: Mortgage status without me?

Thanks for that Indy! This is worrisome to me because like I said, if we happen to need to make a move and are still unmarried, how am i protected? This is scary to me. I'm also curious if that is state to state etc because i could swear my brother is on his wife's deed to a house she owned prior to him, but maybe I'm wrong. They live in Raleigh NC.
Regular Contributor
Posts: 147
Registered: ‎09-13-2012
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Re: Mortgage status without me?

Understand completely - I wanted my husband to feel like the house was also his by putting him on the deed.  Each lender or state may have different rules, so you may be be ok. 

Established Contributor
Posts: 656
Registered: ‎08-12-2014
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Re: Mortgage status without me?


Indycoltsfan wrote:

I just went through the same thing, although my husband is not on the loan.   I was told by my lender that if the person is not on the loan, they cannot be on the deed.  Granted, I live in PA, so I am interested also in what others have to say.    Good luck - we hope to retire in SC!


I live in PA and my wife is not on the mortgage, we had no issues getting her name on the deed.

 

My advice do whatever needs to be done to get the home you want and in with the best financial situation...don't let pride get in the way. If you contribute to the cost of operating and maintaining a home its as much yours as it is anyone's

Frequent Contributor
Posts: 284
Registered: ‎09-30-2016
0

Re: Mortgage status without me?

After you close all you need to do is Quitclaim deed from the fiance to you both.  At least in Texas it works that way.  I cosigned for my niece and was on all the papers.  When she went to refi, I just QC'd off.  Also I was an escrow officer in Nevada and I saw it that way all the time as well.

In second year post 13 DC (12-28-15)
Entered garden 10-3-16 App'd for mortgage January 14 Updated HP: April 6, 2017

Current Scores FICO 8: TU706 EQ699 EX708 Updated: Apr 5, 2017
Goal: 700's across the board!
My mortgage scores are: 703, 708, and 733! Yay me!
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Moderator
Posts: 10,223
Registered: ‎03-06-2010

Re: Mortgage status without me?

Take the offer of your b/f being on the mortgage and both of you on the deed.  I have no idea why a lender would limit the deed to just the borrower.  I see it routinely where one party is on the mortgage and two parties are on the deed. Talk with a lawyer or the title company to make sure the title work is right. For example, you might want to have the deed read:  x and y as joint tenants with right of survivorship.  Or, if married, as "tenancy by the entirety".  

 

http://legal-dictionary.thefreedictionary.com/Tenancy+by+the+Entirety

 

http://www.investopedia.com/terms/j/jtwros.asp

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