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Home Loans for Joint Applicants

Joint Applicant Mortgage

Information and advantages on applying for a joint home loan.

With the high price of real estate in many areas, a lot of people are interested in sharing the obligations of a mortgage with other people. Traditionally, joint mortgages were reserved only for married couples, but today it is common for these loans to be given to roommates and even business partners.

Joint mortgages have several advantages, but they also come with some risks. It’s important to understand everything involved before deciding if this is the right kind of loan for you and your partner

Increased Buying Power

The main advantage that these loans that attracts many potential borrowers is the ability to have two incomes considered during the application process. The maximum amount that can be borrowed to buy a house is based on the amount that both buyers earn in a year, combined. Typically, the combined gross income of both borrowers is multiplied by three in order to determine the maximum amount that the bank can safely loan out. Of course, keep in mind that in order to make the payments, it is necessary to make sure that both partners keep their income.

Easier Credit Approval

All mortgage applications will take your credit history into account. With a joint application, however, it is possible for the partner with a lower score to “piggyback” on the higher score of the other partner. While the scores are not simply averaged together, it is not unheard of for a person who is unable to get a mortgage on their own to obtain a joint mortgage with a person who has a higher score. Of course, people with high credit scores can be forced to pay a higher interest rate than they would have otherwise had to pay if they applied for a mortgage on their own.

Joint Tenancy and Tenancy in Common

When getting a mortgage together, it’s important that both parties be on the same page in regards to how the property will actually be owned. The two most common choices are joint tenancy and tenancy in common. Many married couple choose joint tenancy because it gives each spouse an equal share in the property. Additionally, when one of the partners passes away, his or her share in the home is transferred to the other party.

Tenancy in common is more common among adults without a formal familial relationship. This method of ownership allows the parties to decide how much of the property each one own. In the event of the death of a partner, the share of the property would transfer to the person or entity specified in the owner’s Will.

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