Shirley F asked:
Will the rate increase if I add him to the mortgage after I have been approved and made a few payments? We make close to the same money and he will be paying at least half of the mortgage loan. I want him to be co-owner of the house even though he has 30K in credit card debt.
SHELBY
Will the rate increase if I add him to the mortgage after I have been approved and made a few payments? We make close to the same money and he will be paying at least half of the mortgage loan. I want him to be co-owner of the house even though he has 30K in credit card debt.
SHELBY
CALEB
Don’t put him on without consulting an attorney. I don’t know about community property states but elsewhere, If he doesn’t pay his credit cards and they sue, you could end up eventually losing the house if he is a co-owner because eventually the house mortgage is going to be paid down and equity built up in the home, and the credit card companies could have liens.
Comment by LR — January 23, 2009 @ 3:45 am
NORRIS
Talk to your loan officer they are your best resource.
Comment by denverlmc — January 25, 2009 @ 10:44 am
SYDNEY
If you want to add his name to the mortgage, you will most likely have to refinance. With his poor credit, the rate on a refinance will be adverse for the both of you. You can have his name added to the title and that will provide the both of you with ownership. Be sure to check with your attorney to be absolutely sure though. There are ways for him to improve his credit and maintain ownership of the house with you without being named on the loan.
Comment by Brendan D — January 28, 2009 @ 7:03 am
KIM
I would do it once you are married. then his debt becomes maritla debt anyway and they could go after you anyways
Comment by bigdaddy — January 30, 2009 @ 1:53 pm