Are there advantages/disadvantages to having name on home-loan?
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Anonymous
| My name would be on the house, but should it be on the loan? |
Anonymous
|
We have this because my wife's credit score is about 40 points below mine. Some mortgage companies do not like to do this and will not approve the mortgage.
If the mortgage company is OK with it, I think the only potential downside is for the person who is alone on the loan if you split. If you stay together and file your taxes jointly then it doesn't matter as much. The only downside is that staying current on the mortgage doesn't help your credit score because you're not on the loan. |
Anonymous
A couple related threads on this: Mortgage options when one spouse has a good credit score and the other does not http://www.dcurbanmom.com/jforum/posts/list/274148.page#2982739 Married couple buy a house, only one is on the title. Why? http://www.dcurbanmom.com/jforum/posts/list/277379.page#3035251 |