Posted: Thu Nov 05, 2009 8:23 pm Post subject: What is a better approach
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.
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. _________________ Procrastination is the enemy of your financial sucess
Better check with the lender first, as they may have a restriction. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
sukant19
