    

|
|
|
|
|
|
| |
A joint mortgage is simply a mortgage with more than one mortgagor. The person with the highest income is typically considered the primary borrower in a joint mortgage, though both (or all) of the mortgagors are equally liable for the debt on the property, even if someone moves out. How much you can borrow with a joint mortgage depends on both incomes. In a joint mortgage, you can typically borrow up to 2.5 or 3 times the higher income plus 1 times the lower income. Otherwise, those with a joint mortgage will work with lenders who prefer adding both incomes, then multiplying by 3.5. People who opt for a joint mortgage do not have to be married to the other mortgagor - friends, for example, may also apply for a joint mortgage.
Rate this joint mortgage definition...
|
|
|
|
 |
Where is the market headed? The answer may surprise you. Find out with the exclusive & Barron's recommended charts of Chart of the Day. |
|
Popular Terms: FICO score, 1031 exchange, dividends payable, minority interest, Key Rate Duration, ex-dividend, annual return, diluted share, inflation, phantom income, command economy, 1035 exchange, class C shares, 144a, wholly-owned subsidiary, APR, liquidity ratio, margin rate, open position, quality assurance, in escrow, ex-dividend date, reverse mortgage, labor relations, cancelled check, real GDP, deferred revenue, per diem, debt service coverage, stock market close, option premium, EBITDA, LIBOR, implied volatility, retained earnings, Zero Cost Collar, irrevocable trust, covered put, risk management, current ratio, 401a, stock split, required rate of return, VIX, FTSE, deferred tax, balance sheet, limit order, average price per share
|
|
| |