I am 20 year old and fulltime student, no job yet ( yea i am searching). my mother wants me to be on the mortgage with her as soon as i find a job.
1. Should i be on it with her?
2. Do you think it is fair for me to be on it when i want to save for my future too?
3. What are the benefits i will get from being on the mortage?
Thank you!
2007-11-18 13:21:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I would recommend that if you do sign on the mortgage that you also sign onto the deed/ownership of the home as well. You and your mom should determine a value of the home at the time you are on the mortgage and part owner. This way, you will be able to determine down the road what value of the home is yours from the starting point forward.
These things are best ironed out up front to avoid any issues later.
Hope this helps!
Wes
Norsew Investments, LLC
Rochester, MN
The Personal and Business Coach
http://www.alternativefranchise.com
2007-11-18 14:04:32 · answer #1 · answered by lawnranger69ishere 2 · 0⤊ 0⤋
You should be on the mortgage with your mother.
You should help her make the payments on the mortgage. This will be excellent preparation for you for the future.
I bought my first house when I was 18 and a freshman in college. I rented out rooms to my fellow students to help make the mortgage payments.
That was the best investment that I made in my life.
2007-11-18 21:41:49 · answer #2 · answered by Anonymous · 1⤊ 0⤋
1. Yes. If you feel comfortable being on the mortgage.
2. You can still save for your future.
3. Mortgage interest deductions among other less deductions.
2007-11-18 23:23:01 · answer #3 · answered by !!! 7 · 0⤊ 0⤋
1) you cant be on the note of the mortgage due to have no job. You can be on title of the property
2) your choice, it has no financial gain for you. It's a good security for your mom if something happens to her because now you have equal interest in the property.
3) your decision
4) see #2
2007-11-18 21:41:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should be on the mortgage with your mother.
You can read the best info about US mortgage types here. http://all-mortgage-calculators.blogspot.com/2007/10/us-mortgage-loans-types.html
2007-11-19 14:16:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go for it and sign up, its good to help out your mother but if you can sign up a little deal with your mother to have a piece of the pie, it would even be better for you.
2007-11-19 00:30:06 · answer #6 · answered by bobb 1 · 0⤊ 0⤋