“Should Two People be on a Mortgage?”
Having someone on title to a home may be very different from adding someone to a mortgage, especially when one of the borrowers make a small amount of income or no income at all, especially when that persons has debts that will mess up the debt ratios.
Once I run the math, I need to handle the explanation process, as egos can immediately come into play if I have to recommend that only of them be on the mortgage. This scenario happens all the time. Another similar issue shows up when one borrower doesn’t have good credit or credit that would hurt the interest rate for the transaction.
If there is no option and two incomes are needed to make the mortgage happen, that means we need to work with income and credit.
Unfortunately, when it comes to obtaining a mortgage, almost all the time, it comes down to the math and will the math work to be able to get the clients the mortgage.
Image courtesy of Jesadaphorn/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.