Post # 1
My fiance have decided to purchase a house prior to our wedding. I’m excited for this next big step, but wondering how it all works on the legal end of the spectrum. We are considering having him apply for the loan on his own to purchase the house. We are using his income to estimate how much we are spending on the house for when I stay at home with the future little ones. Has anyone done this and still put their name on the deed itself? Do you have any recommendations or words of wisdom?
Post # 2
We bought a house before our wedding, however I put all down payment down so I was on there. Our mortgage still has my maiden name on it and I don’t plan on changing it. We closed on our house 3 weeks before we left for our destination wedding and it was stressful to say the least. Good luck!
Post # 3
I can speak on behalf of my mom, she learned the hard way what it means to not have your name on the deed when she got divorced, two years later and a judge ruling she got a pittinance on that asset.
I own half of my house with my fiance.
Post # 4
We bought a house a few weeks ago. We both contributed equally to the downpayment, but the mortgage is only in my husband’s name (we were engaged when we closed on the house) because he could qualify for a lower interest rate alone because I have student loans and he doesn’t. But they did take my income into consideration. Both of our names are on the deed. Now that we are married we are going to re-deed the house to ourselves so that we go from joint tenants to community property.
Post # 5
Just cause you want to budget to have his income cover the mortgage and living expenses doesnt mean you can’t get your name on the deed. Are you not going to contribute anythign to the down payment? Or help with mortgage at all? Personally, if that were the case, if I were him, I’d wait to be married to protect myself or add you on the deed with some sort of legal agreement about getting married or what not. If you are going to help out up front, but still want to budget for his income to cover it, why would you want to have him buy it in his name only?
For me, we bought about a year before getting married. I put all the downpayment, but both our names is on the deed and we both are on the mortgage. We also budgetted so that one income could cover the mortgage and living expenses, which just made it easier to get a loan, but I had no immediate plans to quick working.
Post # 6
We bought together before we got engaged. We knew we were getting married at that point and just wanted to make a financially smart decision and buy the house before we paid for a ring/wedding. I would put both your names on stuff unless you have really bad credit or lots of debt. If you are financially stable, then id put both.
Post # 7
Legally it is VERY important to go into it 50/50. You could have some very serious regrets if you’re not careful from the start. It means that if he (god forbids) passes away you cannot even stay in the house.
Just be careful!!
Post # 8
We got engaged Jan 2016, closed on a home July 2016, wedding is planned for June 2017.
The downpayment was mine. But his name is also on the deed/mortgage. He lives here. Pays half of all expenses. and greatly contributes to the sweat equity of the home.
Unless he is 100% paying for everything (including mortgage/utilities/etc), you need to have your name on the deed.
Post # 9
We purchased a home before marriage, when we were still engaged. My husband paid the down payment but, my name is on the deed also. Currently he pays the mortgage and I pay the utilities but, we treat all of our money as our money together, regardless.
Post # 10
lavender210 : it isn’t a romantic idea, but i think what you need goes beyond mortgage and deed. To be fully responsible as you buy property before you marry, imo you should have a contract that is signed and notarized and that you get legal advice on re what happens if you never marry and what happens if you do marry (how things will be handled in case of a split after either of those). Because buying property after you marry already accounts for those protections and has defaults, but that doesn’t work for anything bought before you marry, regardless of deed, downpayment, and mortgage.
Post # 11
We bought a house a couple months before our wedding. We are both on the mortgage and the deed. Legally, you’ll want to be on both. If only he is on the mortgage and you’re both on the deed and he passes away, the loan will need to be paid off immediately. So you’d have to get a loan in your name to pay off the loan in his name. If you’re on neither, you would have to vacate the house.
I ended up changing my name on the mortgage after we got married (for tax reasons) but not the deed. Our title company said in our state, it’s not necessary to change your name on the deed.
Post # 12
We’re planning on buying this year and getting married next year. I have excellent credit and we’re going to put the mortgage under my name and the deed under both of our names. We are both going to be paying the down payment and splitting the mortgage. I think this is a good idea. I’m still learning myself.
Post # 13
happyowlette : Same! Except that we’ve combined finances so our mortgage is going to come out of the joint account (if we ever find a house, that is). In the future, we might add my name to the mortgage, and our lawyer has recommended drawing up an agreement between ourselves for protection, but we’re still mulling that over.
Post # 14
Joyful2019 : We are also planning to add his name to the mortgage after our circumstances improve. The most important thing is that we are both helping each other out and going to have a place to live after we get married! This stuff is complicated!