Timeline for Will having a secondary signee with bad credit on a mortgage raise or lower interest?
Current License: CC BY-SA 3.0
5 events
| when toggle format | what | by | license | comment | |
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| Jul 6, 2018 at 10:42 | comment | added | Pete Becker | There are two parts to financing real estate: a mortgage and a promissory note. The mortgage gives the lender authority to take the property if the terms of the promissory note aren't met. It gets recorded at the registry of deeds, so that future buyers know about it. The promissory note is the promise to repay the loan. The mortgage should be signed by all of the property owners; if it isn't, the lender will have a hard time reselling the property in the event of default. The note can be signed by whoever is responsible for the payments, regardless of who signs the mortgage. | |
| Dec 2, 2016 at 4:29 | comment | added | Dheer | @maplemale Could you edit the answer to make it more accurate. | |
| Dec 1, 2016 at 16:55 | comment | added | maplemale | FYI: For the Deed you are right. But you can do this on the Title. You can both be on the title and only one of you on the mortgage. I do this with my wife on every rental we purchase. 1 of us is on the mortgage (which ever one has the strongest credit at the time), but both of us are on the title, always. | |
| Aug 25, 2016 at 19:33 | vote | accept | mindfullsilence | ||
| Aug 24, 2016 at 6:18 | history | answered | Dheer | CC BY-SA 3.0 |