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

4sallypat
Valued 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 6
5 REPLIES 5
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

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Message 2 of 6
pizzadude
Credit Mentor

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 6
ghgirll40
New Contributor

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

Congrats on becoming a homeowner! Its not necessary..I work in banking and the most successful couples I have seen have separate accounts and it avoids many money fights. You can always each make the payment amount agreed to from each of your accounts and as long as those payments are on time it will be all good. Smiley Happy


@pizzadude wrote:

@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


 

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Message 4 of 6
4sallypat
Valued Contributor

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

Thanks all!

 

We did open a joint checking account with Wells Fargo (I hate BofA and Chase with a passion).

Got free checking maintaining a mininum, and opening up a home project loan.

 

The wonders of home ownership - wonder why I never did earlier in my life....

Message 5 of 6
sxa001
Valued Contributor

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

While my wife and I did use buying a home together as an opportunity to add eachother to our respective checking accounts after a couple of years of marriage it really isn't necessary.  It is really whatever works best for the two of you. 


Message 6 of 6
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