Posted on: 24th Jun, 2011 06:16 pm
My husband and I are planning to purchase a vacation property with his brother and our sister in law. Can we get our half of the mortgage set-up so that we can pay our half off at a faster pace ?
Hi deannie!
Welcome to forums!
This is something you need to clarify with your lender. It will be your lender's discretion whether or not he will give you such an option.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
This is something you need to clarify with your lender. It will be your lender's discretion whether or not he will give you such an option.
Feel free to ask if you've further queries.
Sussane
No. There aren't any loan programs designed like that.
You'll all be bound to the Note equally, and the tough part about that is if the other couple encounters financial troubles and misses a payment. That happened to a recent client of mine, and their credit was damaged before they found out the other couple was having problems. If you do something like that, determine ahead of time how each couple can confirm the other couple is making their share of the payment on time. It'd be a good idea to have them send you their portion, and you make the full payment.
You'll all be bound to the Note equally, and the tough part about that is if the other couple encounters financial troubles and misses a payment. That happened to a recent client of mine, and their credit was damaged before they found out the other couple was having problems. If you do something like that, determine ahead of time how each couple can confirm the other couple is making their share of the payment on time. It'd be a good idea to have them send you their portion, and you make the full payment.
