cancel
Showing results for 
Search instead for 
Did you mean: 

Escrow closing - first time homebuyers - GF has separate accounts - should we merge / joint account?

4sallypat
Established Contributor

Escrow closing - first time homebuyers - GF has separate accounts - should we merge / joint account?

So my GF and I (both previously divorced) have been renting for over 10 years and finally got our opportunity thanks to the pandemic, to save up for a house - I thank the feds for the stimulus payments...

 

We are closing escrow next week and talked about a joint account since we have had separate accounts.

We also file separate taxes.

 

As the house is held in joint tenancy, would a joint account be necessary ?

Message 1 of 3
2 REPLIES 2
RSX
Valued Contributor

Re: Escrow closing - first time homebuyers - GF has separate accounts - should we merge / joint acco

i opened a joint acct when i moved in with my GF - we use it for mortgage/rent payments and for household items

 

if your company allows multiple Direct Deposits, it is very easy to have the money dropped into the joint automatically without any transfers needed

the rest of your pay goes into your personal acct

 

we both have our own personal accts and file taxes separately as well

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 2 of 3
pizzadude
Moderator Emeritus

Re: Escrow closing - first time homebuyers - GF has separate accounts - should we merge / joint acco


@4sallypat wrote:

So my GF and I (both previously divorced) have been renting for over 10 years and finally got our opportunity thanks to the pandemic, to save up for a house - I thank the feds for the stimulus payments...

 

We are closing escrow next week and talked about a joint account since we have had separate accounts.

We also file separate taxes.

 

As the house is held in joint tenancy, would a joint account be necessary ?


You can pay from any account, either a separate or a joint account.   Your lender won't care either way.   Also congrats on becoming a homeowner !  Smiley Happy

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.