- This topic has 3 replies, 4 voices, and was last updated 9 years, 3 months ago by Anonymous.
- May 5, 2011 at 12:08 pm #204444AnonymousInactive
I am the only one working in my family. My wife does not work. I have a good fico.
I am planning to buy a home and in the mortgage application and home process I am using only my name.
1) Any advantages of having my wife name also in mortgage and home process ?
2) I file taxes every year as married filing jointly , any advantages in having both names in mortgage and home ?
3) Or is it fine to just have my name in it ?
- May 9, 2011 at 2:29 pm #269477AnonymousInactive
If she doesn’t work there is no real benefit to include her. The only benefit is who would own the house if you die, but you would probably will that to her anyway so it’s not really a problem.
I just put my name on the paperwork because my wife wasn’t around to sign the documents as much as I was and we are just fine.
- May 12, 2011 at 6:04 am #273797AnonymousInactive
If her income is not needed for loan then I would say there is no advantage. Leave her off and it will make closing go faster since fewer signatures will be needed.
Note that she will still have 1/2 interest in the real estate. This is referred to as a “dower” interest. Most states give female spouses 1/2 interest in their husband’s real estate by law. Even if her name is not on deed as long as she is married to you she has an equal interest in the property with you. (e.g you will need her signature when you sell property despite her name not on deed)
- May 24, 2011 at 2:19 am #283476AnonymousInactive
Most states require that she be on the deed regardless of whether or not she is on the loan. No advantage to not having her on it- if something were to happen to you- you don’t want her to have to deal with legal issues do you? Having her on the loan will help her credit to build. As long as she is on the deed though she will have legal ownership- but she won’t be able to talk to the mortgage company without being on the note. Totally up to you.
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