Asked by Mike, Arlington County, VA • Fri Jan 2, 2009
This spring I am hoping to buy a home with my wife. I have a few concerns and would like any helpful advice.
We have been to 4 leading banks and they all quote different terms and rates which I understand. In one case tehy want to take both our credit scores and base our combined credit rating on it. Though my wifes is not bad, I am 35 points higher and fall into a good bracket.
My questions are -
1. Should the mortgage be on just my name to get a favorable interest rate?
If yes, how would this affect my wife who will be a home maker? Should something happen to me, will she have legal issues in getting the home? Will the interest rate on the mortgage rate stay as is or will she have to refinance the home and end up with a higher interest rate?
2. If for reasons she is not on the tile either, can she be added at a later date and is there a fee involved with it or any refinancing required?
3. What are the pros and cons of being and not being on the mortgage & title
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