Home Mortgage Advice

Most states are joint tenancy now, so even though your name and credit will obtain the mortgage, your husband will be included on the deed and will be entitled to 1/2 ownership of the property, this is something you should check in the state you live. Should you default on the mortgage, your credit will bear the negative burden since you are the primary name on the mortgage.
As far as fees, some are state controlled and therefore non-negotiable, but some of the fees are negotiable. Your Realtor should be able to give you some advice on this. Remember there are mortgage company fees, as well as title company fees and every company has their own fee schedule.

Make sure you have a will. In the unlikely case that you were to pass away unexpectedly, and didn't leave a will, TX law would split the house between your husband and kids ... which would make it very difficult for him to sell it if he needed to. This happened to my aunt, and she was left in very dire financial straights when her husband died unexpectedly because she couldn't afford to keep or to sell the house and cars which had been exclusively in her husbands name.

Hi D.....i am a mortgage loan officer and there is no downfall unless you need both incomes to qualify?? Do you know? Have you been pre-approved? What area are you buying in....some areas still qualify for 100% financing and will allow you to roll in the costs of the loan. Please feel free to call or text me!!! I work nights and weekends so you always get a quick response. ###-###-####. Txt me and i'll send you my email address and further information. Have a great day!!!

D.,
You don't have to pay morgage insurance if you put 10% or more down. If you don't have that much to put down, you can get a small second morgage. You probably already know that a 15 year vs 30 year morgage saves lots of money.
We have a loan just for morgage and interest. We pay our won insurance and property taxes so that money isn't tied up in an escrow account.
Hope this is helpful!
Victoria

Everyone else gave good advice, and we did the same thing in the last month. Just make sure both names are on the deed -- has nothing to do with divorce. But God forbid anything happen to one of you, it makes it a lot easier to continue "owning" the house and not having to go through legal mumbo jumbo and probate to have the house go from one deceased spouse to another.

The only draw back is that by using one income, your won't qualify for as much as a combined income; however, this can work against you if your husband's credit is too bad. But I think that qualifying on one income is smart because that way you will have an income buffer to make the mortgage payment if something should happen to your job. As for fees, they are just going to be there - I mean, people in the mortgage business expect to make a profit, right? You can shop around for the best deal, but keep in mind that fees are directly proportional to the interest rate. There are mortgages out there without fees, but with higher rates. Lower rates have you pay the fees up front. For someone trying to buy a house will little pocket money, the higher rate/no fee deal will get them in the house. The wisdom of each choice depends on your situation. Good luck!

We recently purchased a house in Plano and only put my husband on the mortgage. I have not been working for 3.5 yrs now so it is all his income is why we did it that way. Texas is a community property state so in the event of a divorce the house would still be counted 50/50.

As for PMI, it is my understanding that you have to have 15% down to avoid it. I think we put 20% down on this house so we didn't pay PMI but on 2 previous houses we split the mortgage and did 2 loans. One loan at 85% and one at 15% (and then put down some too, so the 85/15 split was only the part we financed). That way we were not paying PMI (insurance) on the loan.

Definitely shop around for loans. We are in the process of finalizing our loan for a house we are buying. We ended up getting a rate of 4.5% for a 30 year fixed loan. We pay a 1% origination feed but the thousands we save in the long run is big! We found the agency in the Dallas Morning News Sunday paper homes section. There is an ad that list about 6-8 lenders and their rates. WE also did a request through lending tree.

If you find a business you like and want to work with don't be afraid to tell them of a better rate you are offered at other places. It is surprising how many of them can come back to meet or beat counter offers. Same goes for points and fees associated with the loans.

The more you know about the loans and their process the better!

Good luck

I do not think so...he does not have to be on the loan but can be on the deed.

If you do not have anyone else let me recommend Andrew McElyea to answer all your questions and can give you great rates.

I own a Professional Organizing Company and have only a select few companies I recommend to my clients. I am a two time customer of Andrew's as well. So, I know him and his services.

With that said, another great thing about Andrew is that if you mentioned that I referred you, he will give you 6 free Professional Organizing hours as a thank you gift at the close of your loan.

You pay nothing.. it's just something Andrew does for his clients as a thank you gift. The our company can either help you pack and organize your move or...help you unpack if it's local or get an area of your home set up and organized quickly.

Andrew McElyea
www.YoursToCountOn.net
____@____.com

Just an FYI....

L. B.
www.GetOrganized.ws

you wouldnt be able to use his income, but you have to include his debt. Sellers often pay a portion of the closing costs, you would just work that out on the contract. I work for SMI Lending and since we are a broker and not a bank we can find the best lender for you. If you are looking for a lender I would be glad to help. My name is C. I'm a loan officers assistant and you can call us at ###-###-####. It doesnt cost you anything for us to look at your credit and see how much we can get you approved for.

I've been in the business for over a decade, and I would be more than happy to answer any question you have. There are advantages to only one of you being on the Note. Also, you really need to check the APR, as that is your TRUE rate. You can tell them you do not want to pay any points or origination. You should still be able to get an excellent rate. There is so much more I can tell you, so feel free to call me if you would like. Even if you have questions during the process, you can always call me. If you want me to do a GFE for you to compare to your current lender's, I can do that, as well. My ph# is ###-###-#### or you can email me ____@____.com of luck, D., and congratulations on the new home - It is SUCH a good time to buy!

As a Realtor, I say to pick a mortgage officer you trust and stick with that person. There are various providers of mortgages and various loan products. Let the officer explore what the options are to qualify you for a loan with the proper mixture of income and credit. The object is not so much to get the loan as it is to get a sustainable loan that will allow you to stay in the house as long as you wish.

Also work with a realtor you trust to find your new home. Even if you are looking at new construction, you need to have a Realtor to represent you and your interests in the transaction.