I'm the sole breadwinner. What are the advantages and disadvantages of adding my wife to the mortgage?
Answers | 2
The disadvantage would be that her credit profile now has that full payment counting against her. If she gets income and wants to obtain financing for something, they will include the full payment on the property the mortgage is secured against in her monthly obligations. This could cause her to qualify for less or not at all vs if she was not on the loan. Secondly you will need twice as many signatures on your loan docs at closing and sometimes there can be un forseen problems that could slow down the finance process. For example she has a judgment against her that she was not aware of, now that judgment has to be taken care of before the loan can close. If your rate is locked and rates are going up, you could loose your locked rate dealing with problems that could have been avoided simply by not including her on the application since she was not needed to qualify in the first place.
Hope that helps!