I have perfect credit and my husband does not. He said that we can put the house in only my name until his credit builds up and then we'll add him. We have been married for 1 yr and I trust him but I'm an independent and cautious person. I know the market is a buyers market and prices are great now but I don't think with his loan we should buy a house right now BUT if we wait to long- we might miss out on the %26quot;buyers Market%26quot; rate. The only way would be if I added his student loan to my mortgage and then I would legally own the loan and he'd be off of it. Trust aside- I just don't think its right. What do you think? Would you do it?
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? When my husband and I bought our home it was in my name only, becasue of his credit. Now, after a few years, we cleared up somethings, refinanced and now he is on the loan.
A mortgage payment is high enough to pay without adding in your husband's student loans. I woud pay those seperatley and not include that in money your borrow for your home.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? You have to work together, his loan is now both of yours.. you need to help him and support him, one day it will turned around and you are going to need help and he will remember this....
Trust me, if you dont share the finanical burdens now,, it will never work.. money comes and goes, credit comes and goes... but you have to keep your relationship strong.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? Why not just consolidate his loans and leave them in his name? I think that you would get a lower interest rate than if you rolled it into your mortgage.
I just don't understand why you would do that.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? Marriage is a forever thing. Your credit is no longer your credit and vice versa. You two are one now so I would do it. Just make sure you don't get behind. Foreclosure is an extremely stressful thing and can lead to marriage problems in itself no matter who's credit it involves.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? give it a few more months then properties Willl be in investment again, as the market Will surely drop more
then if you buy it you can hold it over his head. you own him at that point and can make mistakes without effect as he will always need a place to stay.
you can be evil and wicked he wil still need you.
i say go for it
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? I don't understand why putting student loans (that would have a very low interest rate to begin with) that could be paid off within 10 years or so onto your mortgage is even an option for you.
Higher interest with mortgage and you'll be paying those student loans for 25+ years.
That is not a good financial decision. My 12 year old can tell you that.
If you can't afford the mortgage payment with student loan payments, simply put, you cannot afford to buy right now. Get out of debt first.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? I hate this notion of %26quot;His credit is your credit now%26quot; or %26quot;It's not your money or his. It's both of your money. There's no longer mine or his, just OURS.%26quot;
I think it's a crock of crap personally. Financially, there are debts that were accumulated before my husband and I married that I want no part of and he doesn't want me responsible for. We have individual accounts and a joint account. Our marriage is strong and we get along great. If there is anything I think brings on money fights faster, it's when there is a joint account and each person no longer has their individual accounts.
Frankly, if you're an independent person and don't feel it is right to legally own his loan, then don't. What if he suddenly decides to bail? Now you're stuck with his bad financial choices and have to pay off a loan you originally had nothing to do with. Makes no sense to me.
It seems to me you're very responsible, practical, and intelligent when it comes to money matters. If I were you, I'd take this to a loan officer or other banking representative and learn your options before making any move.
Just because marriage is now a legal WE, does not mean there cannot be a ME or YOU. Financially, I have my things to worry about, my husband has his. Neither one of us is going to make the other responsible for things brought on before I do. It's impractical and just ignorant.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? There's no harm in being a cautious person! You and your husband could seek some expert advice, a financial planner who can look at your combined income, the loan, and the type of mortgage that you're considering taking on, and advise you on the best way to approach things. There are always breaks out there, you just need some help finding them. I've never heard of anyone advising a loan be rolled into a mortgage, so my gut says (like yours did) that it might not be the best thing. Good Luck!
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? First of all you can't roll in any debt on a purchase of a home, only refi's. You can't simply add someone to your mortgage you need to refi. He can however be added to the title, so he'll have half ownership and no responsibility for the debt. You are married so hopefully you trust each other. There are some incredible deals out there I would look for a realtor that works primarily in foreclosures you can find homes for 40-60% of their appraised value. My only question is what is your husband doing to %26quot;build%26quot; his credit? I have some strategies and ideas for you if you are interested.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? Buyer's marked or not does not matter if you have all of your ducks in a row. Put your money toward what you owe now and get out of debt before you buying a home, don't just add more debt to the pot because it can only hold so much.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? read a website called www.patrick.net about how now is not the best time to buy a home, the feeling is that prices are coming down for the next few years.
i dont think you can get a mortgage for more than the price of the house itself, and, that would mean you would have to take out a second for his student loan, and, i believe that would be at a higher interest rate.
go to your own bank and ask them these questions, and, then, ask another bank. they may be anxious to sell you a loan. if you were my kid i would tell you to do this:
go on www.realtor.com and look for houses in your price range and area.
work on saving for a home down payment and getting your husbands credit score in the excellent range. get expert advice on how to do this.
since i dont know how much the student loan is, i cant tell you to pay it off now or let it ride with monthly payments. credit counselling can tell you the best way to handle this.
do not jump into buying a home right now.....watch and wait.
For recently married couples- Would you put a house in only your name and throw in your spouces student loan? You are right to be a cautious person. I have to warn you about taking on 100% of a man's debt just because you married him. Credit is established by paying down debt, nt paying it off. Ask yourself how you'd feel if your marriage ends and you are still paying on his student loan, which is embedded into the mortage? I also want to warn you about having %26quot;joint%26quot; credit cards or bank accounts. It's a good way to destroy your own credit. Your credit is your lifeline. You married a high risk, but you'll ruin your own credit if your not careful. So, watch out. You have some good instincts----keep them!
