I almost had to play marriage counselor to a young couple today at the closing table.
My buyers weren't married. They were buying a home together first and were thinking of getting married sometime in the future. I don't pry too much into personal details. I assume they are adults and are doing what they think is best for themselves.
The young man was putting 10% down and was going for a no doc loan. Since he had a great credit score and she had an awful credit score, he applied for the loan by himself to make things go smoothly.
I don't get involved with the loan details. I have a great loan officer who I trust to give expert advice. I just assumed that the couple had gone over the details on how the loan would be structured and how they were going to own the home.
Five minutes into the closing, the young lady asked if she would be signing anything. When she saw that she wasn't part of the transaction, she excused herself and left the room. I assumed she wanted to make a few phone calls or something. The young man continued to sign all of the papers, and just when he finished the last paper, the young lady came back and dragged him out of the room and to the car. There they apparently had a good heart to heart.
He thought like a man. He just wanted to take the path of least resistance and do what was necessary to get the best loan with the minimal hassle. He didn't want to discuss her low credit scores with her and just wanted to get into a house that she liked with the least amount of effort.
She was upset with him that he hadn't discussed any of this with her. She said that she would not be moving in if she wasn't a part owner of the home.
He came back in and told me that her mother had advised her to not move into that home with him unless her name was on the title. I told him that I thought her mother was a very wise woman.
I told him that it was a very easy thing to get her on the title. If he was serious about getting married, it would be a wise thing to do.
I usually deal with married couples so I didn't pay attention to the ownership details. Next time I'll make sure I bring this up early in the process so these issues can be addressed up front.
Guys, I don't understand women that much but one thing that I do know is that security is a big part of their happiness. Moving into a home that she doesn't have an ownership interest is just laying a bad foundation for a happy relationship. No matter what, you end up losing everything anyway. You might as well have them happy while it lasts. Hopefully it will be a long and happy life together.
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Interesting post...I know is Pennsylvania Common-Law Marriage is established after just six months, but I can see why she was so concerned. Great job!