In this case the spouse who is not on the loan must sign a Quitclaim or Interspousal Transfer Deed. This will allow the parties to obtain a better interest rate than if both parties were on the loan. Because Wanda has poor credit, the realtor advises that Harry apply for the mortgage loan in his name alone.
Typical case: Harry and Wanda purchase a home during marriage. The focus of this blog is on the narrow issue of how to characterize real property when one spouse signs a Quitclaim Deed when property is acquired during marriage.
In my June 2017 blog I discussed the effect of transfer of title to real property during marriage.