Just finished closing on a house today, and was wondering about the actual mortgage. When I applied, I used my information only (salary, credit, etc.) and not my wife’s. She did, however, sign the title and all actual ownership papers.
Was this a wrong thing to do? Does it matter?
I figured that since we are going to be married forever 
that it wouldn’t pose a problem.
I’m curious if anyone knows what would happen if I were to die, or we got divorced. Would it matter?
thanks,
mike
Is your wife’s name actually on the deed?
I did the same thing when my wife and I bought our house. Everything was in my name because of our credit situations. Because she’s my wife, even though she’s not on the deed, she has some sort of spousal right (at least in Ohio) where I can’t do anything with the house without her approval. So she had to sign all the paperwork just to acknowledge that she knew what I was doing.
If I die, she’d have to use some of the insurance money to pay off the house, but she would get the house just as normal inheritance (assuming I don’t write something to the contrary in my will, and even if I did, I don’t know if it would hold up).
If we would get divorced (which I can’t imagine happening, but you never know), realistically, neither one of us could afford to keep the house on our own, so it doesn’t really matter. And I believe a judge would be dividing up assets regardless of who’s name is on what title, considering it was purchased after we got married, so I guess it doesn’t matter much who’s on the deed in that case, either.
We’ve been told we can have her added to the deed without affecting the mortgage, but, since it wouldn’t change the outcome of anything as things stand, I don’t see the point right now. Maybe after we’ve had a kid or three and need to make sure all of stuff is in order. But, by then, we’ll have probably moved on to the next house and what’s on the deed of this house once again doesn’t seem to matter.
Ownership of the property and the financial obligation are different matters. Generally, anyone who’s name appears on the deed would or could be required to sign the note.
The individuals required to sign the mortgage instrument,
(in Ohio I’m guessing it’s really a Deed of Trust) would be the individuals whose name appears on the deed and in many states the spouse even if he/she did not take title.
In Maryland I’ve refinanced several times. My wife has never been involved - name not on the deed or loan agreements, her credit not referenced, nobody ever contacted her, nothing. As far as I know the most recent mortgage company doesn’t even know her name. One of the forms does list my marital status as “married”, but nothing says to whom. But the state acknowledges her interest should we divorce or should I die.