Why You May Want to Put Just One Spouse on Home Loan
When you and your spouse are applying for a mortgage, sometimes it could be better to put just one of your name’s on the loan.
John Walsh, CEO of Total Mortgage, says high debts, low income or poor credit could be good reasons to leave one’s name off the home loan. These could cause a high interest rate or even a rejection.
Another reason could be to keep spouses’ finances separate. This may be beneficial if a home is purchased before the marriage to avoid refinancing.
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