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I mean, you're not gaining equity unless the value of the home is rising extremely rapidly (which is uncommon these days…)
What long-term benefits come from an interest-only loan?
A... |
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| How do you sneak a cat by a landlord? |
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hmmmmmmmm56 | Can 2 people each get their own mortgage to buy the same house if they are both living in it? |
ok so 2 people live in a house they rent, the landlord gives an offer for us to buy it, but we want our own mortgages ect. can these 2 people each get there own seperate mortgage for the house and give the landlord both checks? and have 2 mortgages on the house?
like i have 50% of the mortgage in my name
and the other person has 50% of the mortgage in there name
without doin a cosign together.. 2 seperate mortgages for the house? |
 |
 
Serge M
 |
A mortgage is secured by the real estate, and a mortgage company will issue a first mortgage on the house. If that mortgage is for half the amount you want to borrow, presumably someone else may be willing to issue a second mortgage. However it would be subordinate to the first mortgage, and it would still be secured by the house. So in each case the mortgage would have to be signed by the home owner or owners. Therefore, what you suggest in unlikely to be possible.
However, since you both own the house, you both sign the mortgage and each of you is responsible jointly and severally for the payments.
Nothing prevents you from singing a separate written agreement between the two of you stipulating that each must pay 50 percent of the mortgage payments and what happens if one violates the agreement. |
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effeykins
|
No, this cannot be done. Since you are both purchasing the property, both of your names will appear on the Deed. This means both of your names will appear on the Mortgage. After closing, the lender will receive a lender's policy of title insurance, which guarantees that they have the first, best lien on the property. If there were 2 separate mtgs for 2 separate people, this would not be possible. |
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jon s
 |
no you cant unless its a duplex. the banks wouldnt loan on it because they wouldnt have full ownership of the house if one of you defaulted on it |
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Fl. Guy
|
No
One of you will need to be he primary.
I assume a joint loan is out of the question
If there are trust or reliability issues maybe you should reconsider the purchase.
a house is usually the larges purchase a person makes in their lifetime. |
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annazzz1966
 |
No. A mortgage is for one price on one property. |
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robert w
|
2 people on one property .
Can u say living on street?
partnership nightmare with out any safe closing.
run from this as fast as u can. |
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Jim Hutchinson
 |
There can be only one mortgage per property, but that mortgage can have multiple signers on it. If there are 2 signers on a mortgage, each would own and be responsible for 50% of the mortgage payment. |
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glamourous!
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no its not possible u have to be on together a bank's not going to let u do that if u aren't going in together |
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donald e
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never heard of that one, what lender is going to own what portion of the house if they have to foreclose, ok lender a gets the living diningarea and the kitchen, lender b gets the bedrooms and bath, think about it, its not going to happen, whoever lends will want the whole house in a foreclosure situation. only way what u r proposing would work if u borrowed total amount from family. |
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