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Are you putting equal amounts of money into the downpayment? If you are sharing the costs of buying the house then you absolutely should get your name put on the deed for your protection.
He's in the military so we have a VA loan... which means no down payment and greatttt rates. He paid for all of the closing costs.
Since your wedding is so close I dont see why not. To add you later will just be an extra expense. IF your wedding wasnt so soon I would have said no.
I know that you never think anything will happen and I'm sure it won't. But it can't hurt just to protect yourself in case it down. With only his name on the mortgage and deed basically he owns everything and if something were to happen then you have no legal rights to the house or any money that you put in. Also god forbid something tragic happened, the house would go into his estate and not to you. I know noone likes to think of the worst but it's always good to be prepared.
Just to play devil's advocate.. if HE were on here asking for advice, I would tell him to keep the house in just his name until you were married since it seems like he is the only one putting money into the house at this point. Yes, you would certainly be more protected by having the house in your joint names, but you have not put any of your assets into the house.
I don't see why your name would necessarily go on the home unless you actually contributed to it. I agree with Moose that I would give the same advice to your FI.
Another thing i was thinking is that since you aren't actually married you, YOU do not get military benefits. None at all. So your FI's loan may have had to go in his name b/c he's the one with the benefits. This article is what I was thinking an issue would be: http://www.directvaloans.com/VA-Loan-Questions/Eligibility-for-a-Joint-VA-Home-Loan-FAQ2.aspx and it looks like the VA loans don't like to mix and match loans for military/non-military personnel and the loan is only guaranteed for your FI anyways. Maybe he couldn't have gotten the loan with you on it.
But if you're getting married in November, I wouldn't mess with it yet.
@ejs4y8: Yea his BAH is paying for all of the mortgage.
@mishelleez: thats what i was thinking. Wouldn't it jsut cost us to redo the paperwork later?
@Moose1209: He's only put the closing costs into it, which we only had come up with about 2500.
Yes, i know something MAY happen. who knows. but as someone not looking as doing it for protection... I was just wondering the reasons for doing it now or later?
It will be a huge expense and a long process to add your name to the deed later. If god forbid in that time something were to happen to him, you would have absolutely no rights tot he house, it was go through probate court and if it is before you are married, his parents, (or children if he has any), would get it.
I would DEFINITELY put both names on the house.
Now knowing the type of loan you are getting I would check with your broker to see if you CAN be on.
And yes its going to cost you money when you goand redo the paper work.
Well, I dont think it would really make sense for me to be on the mortgage? considering I work a part time job right now and will not be working once we're married. I meant putting my name on the title/deed.
You'll have to talk to your FI about how he feels about it since you won't be paying anything towards the home and he is 100% financially responsible for it. I know if my husband wasn't contributing to the mortgage of the home, I would keep it in my name. Sounds selfish, but if anything should happen, i would feel very foolish when he took 50% of the house that *I* paid for. Maybe your FI has been warned to cover his butt in that aspect, i dunno, it's just a possibility.
Definitely something to talk to him about and see how he feels about it; he may be A-ok with it, he may not, but it's a discussion you guys really need to have.
Put the house in both of your names as joint tenants with the right of survivorship (if your state recognizes it), or tenancy by the entireties (again, if your state will let you do this pre-marriage-- some do not). Talk to your realtor or an attorney about this. It's not just the mortgage that matters!
We've already talked about it he's perfectly fine with it. Even if he's being the financial provider he looks at everything as "ours". If we ever got divorced he knows i wouldnt take the house I told him he could have it lol We called our lender and realitor yesterday and they said VA loans do not let a non-military, unmarried person on the mortgage/title. Boo. Oh well. No biggie. I jsut wanted opinions on why or why not both of us needed to have the house in our name.
Well it sounds like with your current update that your name can not be on the loan until you are married. So I will just give advice that I YES would put your name on the deed once you are married. It is not a very costly process. In our state (ohio) you can actually get a copy of your deed and re-type a new one yourself. You may have to go to the County Recorders office to find out if there are special page guidlines (headers & margins) but other that that; if you want to save money you can type up your own deed that Quick Claims the property From: Your Husband To: Your Husband and Yourself. All you need to do is have it notorized and you can have it recorded for the typical $25 charge for a transfer. And yes you will want it to be in your names as a joint survivorship. If one of you would pass away it would automatically go to the other. Otherwise it has to go through court and you will pay more to get the property in one of your names alone. Or you could talk to an attorney to have them type it up for you. It is pretty simple as long as nothign has changed with the property lines. You could totally take care of this yourselves after you are married. All it would take is a notary and your husbands signature & some copy and past.
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This may be a stupid question... but we're first time home buyers so i need advice! We just purchased a home and are closing next friday. When we were doing the paperwork a couple weeks ago we were told to just put FI on it and add me later once we're married. Before purchasing a house we assumed it'd be in both our names but didnt know any better and just went with what the lender said. I was just talking to my parents and I mentioned my name not being on the house, just his, and they told me to call immediately and tell them to add me before we close. Being very adament about this. We've been together forever and KNOW the wedding won't be called off or anything so that's not an issue on why we shouldn't put me on the house now. All you experienced bees, Why does it matter if my name is on the house now or if we change it later?