Helpful tips

Can a spouse get a mortgage in their name alone?

Can a spouse get a mortgage in their name alone?

If the home is in a community property state, however, the lender requires the spouse not responsible for the loan to convey ownership rights to the borrower-spouse.

Is the title of a home separate from the mortgage?

The title or deed of a home is separate from the mortgage or loan. Homeowners’ names can appear on the title and not on the mortgage. Learn the ownership implications of your name being on the deed of a home verses the financial responsibility of your name showing up on the mortgage.

What does it mean to have both names on a mortgage?

In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. A title refers to the rights of ownership to the property. Many people assume that as a couple, both names are listed on both documents as 50/50 owners, but they don’t have to be. Listing both names might not make the most sense for you.

Can a spouse keep their name off the title of a house?

If you live in a common-law state, you can keep your spouse’s name off the title – the document that says who owns the property. The title doesn’t have much to do with the mortgage. The names on the mortgage show who’s responsible for paying back the loan, while the title shows who owns the property.

If the home is in a community property state, however, the lender requires the spouse not responsible for the loan to convey ownership rights to the borrower-spouse.

In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. A title refers to the rights of ownership to the property. Many people assume that as a couple, both names are listed on both documents as 50/50 owners, but they don’t have to be. Listing both names might not make the most sense for you.

The title or deed of a home is separate from the mortgage or loan. Homeowners’ names can appear on the title and not on the mortgage. Learn the ownership implications of your name being on the deed of a home verses the financial responsibility of your name showing up on the mortgage.

If you live in a common-law state, you can keep your spouse’s name off the title – the document that says who owns the property. The title doesn’t have much to do with the mortgage. The names on the mortgage show who’s responsible for paying back the loan, while the title shows who owns the property.