Posted on: 05th Mar, 2012 01:00 am
My credit report mentions two mortgages - a small mortgage for my home and a mortgage for apartment building. I purchased both the properties when I was single. Now I am married. Me and my spouse - we both make over $60k and I want to buy a bigger apartment building. But the banks always seem to grumble about my existing mortgages. We both have stellar credit also have more than $50k in savings. Can she buy this apartment building on her own and leave my debts out of the picture?
Hi Dan,
If your spouse has a good credit and a stable employment situation, then she can definitely get a mortgage on her own and buy the apartment. I don't think there would be any problem for her to get a mortgage.
Thanks,
Jerry
If your spouse has a good credit and a stable employment situation, then she can definitely get a mortgage on her own and buy the apartment. I don't think there would be any problem for her to get a mortgage.
Thanks,
Jerry
What do you mean by apartment building?
Apartment buildings are usually commercial mortgages, not residential mortgages.
Commercial mortgages usually care about whether or not the monthly rent flow covers the property expenses. They usually do not care about the rest of your income and debts.
From your question, I can not be sure if you are talking about a commercial or a resdiential mortgage.
Apartment buildings are usually commercial mortgages, not residential mortgages.
Commercial mortgages usually care about whether or not the monthly rent flow covers the property expenses. They usually do not care about the rest of your income and debts.
From your question, I can not be sure if you are talking about a commercial or a resdiential mortgage.
