If you are married (or just planning to get married) and want to buy a home, you may have come across this thought. But you don’t have the time, or you don’t know anyone to ask about these things. 

Well, you’re in luck, because this is one of the most frequently asked questions we receive here at Loft Realty. And we always give tailor-fit advice specific to your needs. 

But, of course, since many of you ask about it, we decided to write about it. And we'll answer that question in this article: Can your spouse be on the deed if they're not on the mortgage? 

If your spouse's name is on the deed but not on the mortgage, that's an excellent thing, depending on how you view it. The mortgage doesn't show who owns a house; the deed does. The deed is the legal document that shows who owned a piece of land and who now does.

To dive into this very technical topic, let’s first talk about the difference between a deed and a mortgage.

What’s the difference between a deed and a mortgage?

The person whose name is on the deed is the property owner. Whether the property was bought, inherited, or given as a gift doesn't matter. The deed is what changes who owns something.

The deed has the property's legal description, including the property lines. In the deed, both the person giving up his right to the property and the person getting it are named. 

There are different kinds of deeds, but the warranty deed is the one that is used most often when buying or selling a house. This kind of deed says that the grantor is the legal owner of the land, that no creditors have pending claims on the parcel, and that no one else has a superior title claim. 

This is one reason you must buy title insurance when buying a home. Quitclaim deeds are often used when family members give each other property, but they don't protect the title.

A side note: Don't forget that a sales contract differs from a deed. The sales contract is the agreement to sell the property, and the deed is the document that shows that the property has been sold. 

A mortgage is an agreement between a lender and borrower to pay back the money they borrowed according to the loan's terms. If a married couple wants a mortgage, but only one person has good credit, the person with the best credit might want to apply for the loan. 

The interest rate may increase if you add a spouse with bad credit. In this case, only one person holds the mortgage, but two people hold the deed. Both couples own the house, but only one has to pay the mortgage. Some people might not sign the home deed to stay away from creditors.

What does it mean if you have your name on a house deed?

The person whose name is on the deed is the legal owner of the land. You can't claim the mortgage deduction on your taxes if you are single but bought the property with a partner who took out the mortgage, even if you pay part of the monthly payment.

If your name isn't on the property's deed and you get divorced, your ex-spouse may sell the house and keep the money unless you have another formal agreement that spells out the details. 

If your spouse dies and there's no way for you to get the property in the will, you're in trouble. If your spouse dies without a will or "intestate," her property will be distributed according to the state's rules for "intestate succession," which are based on marriage and blood ties. 

Unfortunately, the legal status of "girlfriend" or "boyfriend" does not exist.

How to put a spouse’s name on a mortgage deed?

You can add your spouse to a mortgage deed, but it's best to talk to an attorney first. Check the mortgage terms because lenders often put things in the paperwork that say you have to pay the full amount if you make big changes, like changing the title of the home. 

The lender may not need the whole payment if you add a spouse or close relative. The person added to the deed is no longer responsible for the mortgage debt.

Final Thoughts

You can put your spouse's name on the deed, but they don't have to be on the mortgage. In these cases, your spouse would be a co-owner of the property, but they would not have to pay the mortgage payments. 

Whew! That’s a lot of information. If you are struggling to wrap your head around this topic, feel free to reach out to us at Loft Realty today and let’s clear up the confusion specific to your situation. Remember, there’s no one-size-fits-all, and it’s always best to have real estate agent help that caters to your needs.