Skip to main content

[MA] buying before marriage, TIC title, questions on mortgage

Hey all,
I've been researching the potential of buying a home together with my girlfriend of many years, and we aren't married yet (probably not for some time). I've been researching Tenants in Common and that seems like the way to go, in addition to a thorough agreement written up by a real estate attorney. I do have a question that I haven't been able to get a clear answer on: financing.

Traditionally, it would be a mortgage that we both co-sign. There are some banks offering TIC or "fractional" loans where we could each have a loan to ourselves for our ownership %. These TIC loans carry higher rates and probably aren't going to be what we go with. We are both high earners, are capable of putting plenty down, and I have excellent credit. She has somewhere in the 700's, but only about 3 years of history in the US (she lived abroad for most of her life). She also has had her current job for only a year, while I've had mine for 8. Debt-to-income should be stellar.

If it turns out that it would be beneficial to only use my income / credit for the loan (and I can make the payments solo if things go south), do we both still co-sign? If not, is she legally allowed to be on the title with me if the loan is solely in my name? (Im not particularly fond of this one, but if we went this route and things went south am I able to work into our contract agreement something related to actual equity value when selling down the road so I don't get screwed?)

It's likely that we'll be cosigning, I'm just wondering if it's possible to only consider one person's credit for the mortgage but still have two people co-sign and be liable for it.

Thanks

submitted by /u/Msuix
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j2bbj7/ma_buying_before_marriage_tic_title_questions_on/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more