Posted on: 18th Jan, 2007 06:50 am
The property value 50 lacs approx and its in my mom\'s name 90% of construction is over 10% is balance and intrieors. We require 8lac\'s loan and i want to know can i being daughter be co-applicant and on my income grounds can she get the loan
Hi,
"i want to know can i being daughter be co-applicant and on my income grounds can she get the loan"
To be the co-borrower you should be the co-owner of the house, as you have said it is in your mom's name only.
Your mom will have to make a quit claim deed to include you as a co-owner of the house after which it would be possible to get the mortgage with you as the co-borrower.
If your name is on the title of the home then you can take the mortgage only in your name. Then to qualify for the mortgage your income and credit will be checked and your mom’s credit profile will not be used.
David
"i want to know can i being daughter be co-applicant and on my income grounds can she get the loan"
To be the co-borrower you should be the co-owner of the house, as you have said it is in your mom's name only.
Your mom will have to make a quit claim deed to include you as a co-owner of the house after which it would be possible to get the mortgage with you as the co-borrower.
If your name is on the title of the home then you can take the mortgage only in your name. Then to qualify for the mortgage your income and credit will be checked and your mom’s credit profile will not be used.
David
Welcome uh_honey.
I think you don't want to have your name on the loan. In that case, you need not be the co-borrower or co-applicant. You can rather be the cosigner.
Have a talk to the lender and sign on the loan document as cosigner. Your mom will be the primary borrower and she will be responsible for monthly payments.
Only if she defaults on the loan, it will be your liability to clear the debt. Thus, being a cosigner means acting as the guarantor that the debt will be paid if not by mom then by you.
Thanks.
I think you don't want to have your name on the loan. In that case, you need not be the co-borrower or co-applicant. You can rather be the cosigner.
Have a talk to the lender and sign on the loan document as cosigner. Your mom will be the primary borrower and she will be responsible for monthly payments.
Only if she defaults on the loan, it will be your liability to clear the debt. Thus, being a cosigner means acting as the guarantor that the debt will be paid if not by mom then by you.
Thanks.