What is a joint mortgage?
Introduction A joint mortgage is a loan issued to two or more people as a group, rather than to one individual. As with regular mortgages, joint mortgages are secured with real property. An example of joint mortgage would be a mortgage granted to a married couple, or a few friends purchasing a property together. Joint mortgage does not always imply joint ownership of the property. Joint ownership has to be explicitly stated in the property deed. In other words, joint mortgage does not entitle all the mortgage partners to the property; it simply means that all the partners are responsible for repayment of the loan. Implications As we saw earlier, a joint mortgage holds each of the parties involved financially responsible for the loan. The lender usually checks the credit history of each partner before sanctioning a joint mortgage. Applying for a joint mortgage has several advantages. For instance, a couple applying for a joint mortgage can apply for a higher amount as the incomes of bot
