Posted on: 19th Sep, 2011 12:43 pm
I am first time owner. Plannig on purchasing a property as primary residence. My friend is lending me 50% of the downpayment and we agreed to continue the partnership on the house. What is the best to handle.
1. Should I get a mortgage on my name and add his name after we close. or
2. Simply get mortgage on both names. In that case, not sure how it will work as I will be occupying and it will be an investment property for him.
Any help is appreciated?
1. Should I get a mortgage on my name and add his name after we close. or
2. Simply get mortgage on both names. In that case, not sure how it will work as I will be occupying and it will be an investment property for him.
Any help is appreciated?
Hi Steve!
Welcome to forums!
If both of you meet the required criteria of the lender, then both of you can jointly apply for a mortgage in order to buy the property. In such a situation, both of your names will be added on the property title. Thus, both of you will remain the owners of the property as well as liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If both of you meet the required criteria of the lender, then both of you can jointly apply for a mortgage in order to buy the property. In such a situation, both of your names will be added on the property title. Thus, both of you will remain the owners of the property as well as liable for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Hello Steve?
Yes!
1. Should I get a mortgage on my name and add his name after we close, for assurance even he is your friend. :idea:
Yes!
1. Should I get a mortgage on my name and add his name after we close, for assurance even he is your friend. :idea:
