Home Buying in North Bergen>Question Details

Taiko, Home Buyer in Jersey City, NJ

My husband and I found a condo that we are putting an offer in very soon. After getting pre-qualified for

Asked by Taiko, Jersey City, NJ Mon Jan 21, 2008

mortgage, we found out that I have better score and the rate would be better if a mortgage is under only my name. We are filing tax jointly, but if the mortgage is only under my name, would it matter?? Would we still get a tax break? Also when we add my husband's name eventually is there going to be any tax issue since I would be getting him part of what I own??

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The deduction on your tax return would be the same whether you're on the loan jointly or not. Also, you can Quit Claim his name on immediately after closing. Depending on Real Estate law in Jersey City that may also protect your house in case of law suits if you take title by Tenency in Entirety. Again, I do not know if you use lawyers in your state for Real Estate closings but if you do ask them to handle it. If you Quit Claimed your husband on that means he is on title but not on the mortgage. This mortgage will not help be on his credit report.
0 votes Thank Flag Link Mon Jan 21, 2008
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