my partner and i wants to go for a joint morgage,and i myself own my property outright?

Question

do i need to put his name on my deeds to acquire the joint morgage.?

Answer 1

No, you don't have to put him on the deed! Don't even think about doing that.

Make sure you are not mortgaging more then you can pay on your own if he flakes out.

Answer 2

No. It is not necessary.

You have three instruments you need to understand. The NOTE is a promise to pay money. The MORTGAGE is the pledge of real property as security for the Note. The DEED is the document granting ownership. Understand those first.

Now, if the Lender insists that your partner be on the Note because your credit is insufficient, that's fine, but they do NOT have to be on the Mortgage. Only those with an ownership interest in the property have to sign the Mortgage. I have seen plenty of home refinances where two sign the Note, but only one signs the Mortgage. I have also seen them where one signs the Note, but two sign the Mortgage.

Now, there are some states where parties NOT on the Deed will need to sign the Mortgage. You need to check to see if your state is one of them. These are states where a spouse automatically has an interest in all real property held by the other spouse, regardless of when or how it was acquired. Even in such cases, it is not necessary to convey them any interest in the property, but the Lender will want their signature on the Mortgage anyway.

Don't do it for the Lender's convenience. At minimum, the transfer means extra documents and filing fees, and can cause you trouble in the future if the "partnership" goes south. You will gain nothing from the transfer.

Answer 3

Run as fast as you can.

Never, EVER put someone's name on your property as a convenience to financing it or improvements. They have to BUY a 1/2 interest from you 1st for cash.


See the tales of woe of other people who've done what you're considering. Their 'partner' turns out to be a deadbeat, provides nothing and makes no payments, and then they can't get them off the deeds or pay the mortgage, so they lose the whole property.

:\ <-- grim

Answer 4

Make sure that you can afford the property (including insurance and property taxes) and utility bills on your own income also....you never know if you might split down the road. it will be difficult to get his/her name off the mortgage because you will have to refinance in your name only to do this.