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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.
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