Husband and I purchasing a home. I'm the only one on the loan but both on the deed and he must sign the mortgage. How can then hurt me?
Husband and I purchasing a home. I'm the only one on the loan but both on the deed and he must sign the mortgage. How can then hurt me?
I'm borrowing the down payment for our new home on my home I owned before our marriage. The loan for the new home will be only in my name but he must sign the mortgage and will be on the deed with me. How can this hurt me legally or financially? His circumstances do not help us get the best deal.
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Why cant he be on the new mortgage
If he isnt on the mortgage but is on the deed he basically owns half of everything but owe nothing if he walks - for him all reward little risk
for you - all risk and you will be on the hook for the loan the down payment came from -
Options - 1 do a contract that details who is responsible for what and in the event of a split who gets what etc (a housing prenup) best
2 - keep him off the loan and deed (but if he is helping with payments he may not like this) and then t is your risk and your home etc
3 dont worry about it because you know the marriage is perfect and it wont matter aince you will be together forever
Brian Barnes
Nationwide Mortgages
Brian@Aimwithfocus.com