(Closed) Would you get a mortgage in just your name and not FI?

posted 7 years ago in Money
  • poll: Would you put a mortgage in just your name?
    Yes : (21 votes)
    84 %
    No : (4 votes)
    16 %
  • Post # 3
    1090 posts
    Bumble bee
    • Wedding: October 2011

    I would do it, if possible. His name can always be on the deed. It just sucks, because you won’t be approved for much alone.

    Post # 3
    18645 posts
    Honey Beekeeper
    • Wedding: June 2009

    I would only have a house in just my name if the title was in my name only.  If the worst happens, you don’t want to be on the hook for the loan but have to split the house evenly.  You probably will have to only have your income considered since the number of no-doc loans has gone down significantly in the past few years.  If you can qualify on your income alone, go for it.

    Post # 4
    1326 posts
    Bumble bee
    • Wedding: October 2011 - Tre Bella, Mesa, AZ

    A lot of people in my family that have done this because of credit scores and encore marriages. I think it’s fine if it works for you.

    Post # 5
    322 posts
    Helper bee
    • Wedding: September 2012

    I’m in a SORTA situation. Fiance built a house a few years ago when the market was great and now has an upsidedown mortgage. If he tries to sell, he would have to borrow money. His house is not big enough for both of us plus he built it with his brother who will still live there but cannot afford the mortgage by himself. So he either sells, tries a short sale or forecloses on it in which case his credit will take a beating.  I bought a house in 2010 and will NOT be adding his name to my house when we get married. I think that it will be fine for you until his credit creeps back up over the years. Good luck with everything, it can be tricky sometimes!

    Post # 6
    3866 posts
    Honey bee
    • Wedding: April 2012

    If you can, why not?  We would.  In fact, the apartment is currently in MY name, but we consider it “ours”.  Not completely the same, but you get the idea, hopefully. 🙂

    good luck!!!

    Post # 7
    14337 posts
    Honey Beekeeper
    • Wedding: June 2011

    @chittychittybanebane: I would not put anyone on the title of “my” house, if the mortgage was tied only to me.  Not even if I were already married to him… you just never know what will happen down the road.

    @nickels: I considered doing that and essentially have him pay me ‘rent” since we were even engaged yet… but he didnt want to.  If your Fiance is ok with you buying the house and moving in and helping pay, and your income is enough to get approval, then yes, I would buy the house (your name on mortage = you name only on the title) for the two of you.

    Post # 8
    9029 posts
    Buzzing Beekeeper
    • Wedding: June 2011

    is it worth waiting to see if his credit improves? Since he paid it off right away How would would that stay on his credit report?

    Post # 9
    371 posts
    Helper bee
    • Wedding: February 2011

    I bought a house when I was engaged, and bought it in just my name because I originally got pre-approved prior to being engaged and I didn’t believe in buying a house together when we were just dating, and it seemed like too much work to get pre-approved with him after we got engaged. So I bought it, and after we got married we added him to the loan and title. It was fairly simple.

    Post # 11
    14337 posts
    Honey Beekeeper
    • Wedding: June 2011

    @chittychittybanebane: Aww, its not that bad. Just think of it like “insurance”.  Like car insurance, or home owners insurnace, you just want to cover your butt, but in all likelyhood, you’ll never really need it.

    Post # 12
    5668 posts
    Bee Keeper

    Given your circumstances, yes. Do realize, though, that you won’t be able to use his income at all for getting a mortgage. You alone need both a high credit score and income that is high enough to afford the loan, his can’t be factored in unless he’s on the loan with you.

    The topic ‘Would you get a mortgage in just your name and not FI?’ is closed to new replies.

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