Posted on: 05th Nov, 2009 07:23 pm
i am in the process of buying a new home. i am maried and we filoe taxes jointly. i am the principal earner in the family.
in the purchase agreement as well as in the mortgage application , i am the only buyer / borrower.
while i am few days before the closing, i get diffrent views from people - some saying that it is good to have the title in just my name and borrowing in my name too (i do not have issue in mortgage with just my own income). some others say that it is better to have the property in joint (with my spouse) name.
property is in mi.
some also say that it does not matter as later on i cn do a quit claim deed with joint ownership to get my wife having survivor rights.
please advise, what is the best strategy.
rgds
in the purchase agreement as well as in the mortgage application , i am the only buyer / borrower.
while i am few days before the closing, i get diffrent views from people - some saying that it is good to have the title in just my name and borrowing in my name too (i do not have issue in mortgage with just my own income). some others say that it is better to have the property in joint (with my spouse) name.
property is in mi.
some also say that it does not matter as later on i cn do a quit claim deed with joint ownership to get my wife having survivor rights.
please advise, what is the best strategy.
rgds
Hi sukant,
It would be totally your discretion as to whether or not you want your wife to be on the property deed. You can always file a quitclaim deed and add your wife to the property deed later on. However, note that adding your wife to the property deed will not make her liable for the mortgage dues. She would only be the co-owner of the property.
It would be totally your discretion as to whether or not you want your wife to be on the property deed. You can always file a quitclaim deed and add your wife to the property deed later on. However, note that adding your wife to the property deed will not make her liable for the mortgage dues. She would only be the co-owner of the property.
Better check with the lender first, as they may have a restriction.
