Mortgage payments?

Question

Can motgage payments come out of two seperate bank accounts (i.e 50% out of my account, 50% out of other moortgage owners account?) Or does it have to come out of one bank account?

Answer 1

You can make mortgage payments with as many checks as you want, or with cash for that matter. The lender doenst care as long as the payments are made on time.

Answer 2

You can send two checks for mortgage payment. I would be easier to open a separate checking accout and make your deposits to this account and pay by one check. To ensure that this account is used only for mortgage payments you can ask your bank to mark 2 signature required on this account. THat way both of you have to sign checks and both of you know where the money goes.

Answer 3

Yep it can....providing they get their money then they will accept payment in this manner...

Alternatively...as all things are done by DDs anyway nowadays....it might be better to set up a joint account between you and your fellow payer. If wach of you DD a sufficient amount from your own accounts into the joint one - the mortgage company and take their payment directly from this joint account each month.

Having a joint account would also allow you to pay any other joint bills that you might have in relation to the property.....

Answer 4

Send the two checks together in one envelope. Unless there's something specific in the contract, that should be OK.

If you want it taken directly from the accounts, then it depends on your lender's capability - I'd guess many lenders would not be able to do that. But you won't know until you ask them.

Answer 5

One account only

Answer 6

Ask your mortgage provider what they will accept.