Home morgage question

[grace10209]

Hi All
Im not sure if this is the right place for this question but here goes.......
my husband and i just celebrated our one yr anniversary and now we are looking for a house.
we each own a condo, mine is rented and his we live in. now we are going to sell his condo and build a house, so the new house and morgage will be in his name as I still have a morgage and large car payment. my question is, is this ok?
that we are getting a house but it will only be in his name?

 

[Hudson_Hawk]

Financially if DH can get the mortgage required to cover the cost of the house in his name alone and you're both comfortable with the mortgage just being in his name, then it's fine. Your name can be added to the title down the road.

 

[grace10209]

Thanks HH - that is what i thought, just wanted to make sure it was ok - and not foolish of me not to be on it too.

 

[NewEnglandLady]

Sounds like you've already figured it out, but I just want to second that having only his name on the mortgage is not an issue. My husband took out the mortgage in his name only, however we are both on the deed.

 

[wannaBMrsH]

Ditto NEL (and HH)...We did the same thing.

DH already owned the house we live in now, but we added me to the title deed when I moved in two years ago. We are now selling our house and since I don't currently have a job, it makes sense that the new mortgage will only be in his name as well with both of our names on the title deed.

Congratulations on your new adventure! AND ON YOUR FIRST ANNIVERSARY!

 

[grace10209]

ahhh ok, see i didn't realize that you could do that. so his name on morgage but BOTH our names on title/deed.
yes?

 

[swingirl]

Yes, you can have anyone's name on the title of the house. It isn't related to the mortgage. Definitely put both your names on. If anything should happen to either one of you it'd make it a whole lot easier to jointly own the house.

And your name can can still be on the mortgage even if you don't have an income. My name is on our mortgage but since I am not employed my financial information isn't included. But my name is still there. In the case of the mortgage only being in your husband's name, if he should die, the mortgage would be called in. If both your names are on it you usually have the option of keeping it. Not to be morbid or anything but something to consider.

 

[NewEnglandLady]

Yep--both names on the deed. There are a few things at closing that you have to sign in order to legally be on the deed, but you won't be signing the 120+ pages of mortgage docs.

 

[Haven]

You can do that. DH and I did a version of this--the mortgage is in my name only, but we are both on the title. It was a great motivator for making sure that we didn't overspend and only bought something we could afford on my smaller salary, too.