What’s the difference between being on a home loan and the title? ?

Michelle asked:


We are buying a house and since I currently started working from being a stay at home mom for almost two years and I was going to school the whole time. But my realtor/lender is telling me that I can’t be on the home loan. Is that true? She is saying that I will be on the title with my husband but I will not be on the loan? Is there any disadvantages or advantages about this?

Glen

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5 Responses to “What’s the difference between being on a home loan and the title? ?”

1. Franklin Rizzo Says:
   March 21st, 2009 at 10:05 am

   Florence

   that means that youll own the home but wont be on the bill for it. Simple as that. Usually you leave one person off because its easier to qualify for the loan if one person works and one does not OR one has bad credit.

   You WANT to be on title (you own the home) but you dont neccesarily want to be on the loan (you own the payments) lol.

   being a stay at home mom would probably preclude you being on the loan any since you cant help pay the bills but your bills will count against you.

2. DeWayne M Says:
   March 24th, 2009 at 5:09 pm

   Mike

   It would depend on the lender’s criteria for lending and can be any number of reasons. Deficient credit (good or bad) for a long period of time. Earnings/Job history and so on.

   The advantage is that you will not be responsible for repayment of the loan/mortgage at least contracturally speaking.

   Disadvantage would be excellent repayment history will not show on your credit report.

3. Expert Realtor Says:
   March 25th, 2009 at 10:17 pm

   Danny

   A Realtor is a salesperson that will show or list houses for sale.

   A lender is the bank that will be giving you the money for the home purchase….rep is usually a loan officer.

   They should NEVER be the same person…that is a conflict of interest.

   Even if you are not working and the other spouse is, if you have good credit, you CAN be on the home loan…..just put yourself on the 1003 and list your occupation as “homemaker”.

   They cannot use your income unless you have a 2 year work history.

   The only reason you wouldn’t be able to be on the loan is if your credit score was bad…but if it’s good, then you being on the loan should be a non-issue.

   I underwrote tons of loans over the years where the wife was on the loan and did not work.

   You should always go on title if you are married, whether your name is on the loan or not.

4. JOYCE H Says:
   March 27th, 2009 at 12:41 pm

   Glenn

   Using google to find some related info or you could try using answer engines such as yahoo answer or yedda.com to obtain some useful ideas.however,If you want some direct infomation,here is a nice one from my experience.http://home-mortgage.online-tips4u.info/free-home-loan.htm

5. kindow liae Says:
   March 29th, 2009 at 6:37 pm

   Oscar

   So getting the loan sorted is sure to be simple.just need to do it.not only think it.

   You want to learn what some lenders may expect of you and whether you can even hope to buy whatever it is you seek.

   What is your employment potential?
   If you are a recent graduate and just beginning your employment, secured personal loan lenders are not going to expect you to have the longevity that they expect from the average consumer. However, before they approve your application for a secured personal loan, they will be looking at your potential for continued employment with your company. Some of the things a lender may want to know include the following:

   • Are you working in your desired field? If not, does your present company offer positions in your field?
   • Do you plan to stay with your current employer into the future?
   • What is your potential for advancement?
   • What is the financial condition of the company?
   • What are your chances for continued employment?

   a good site for you

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