Browse Forums Home Finance Re: Question about joint loans 2Jun 09, 2010 10:08 pm Hi KT+2, Go see them again. They must have misunderstood you as I can't understand why they would say that? If they say that they wont do it again, go to any other lender as they will do it. The one stipulation in all of this is that you will have to be on the loan as you own the security. You might as well get both your names on the title at the same time while you are doing this, depending on your state depends on if there are any costs but not normally. Re: Question about joint loans 3Jun 10, 2010 8:01 am I've only seen this be a problem for low doc loans or with specialist lenders. If you are applying with a major bank or non-bank lender this should not be a problem. I would recommend that you talk to someone else at that lender who knows what they are doing. If it turns out that that lender cannot assist then talk to pretty much any other lender out there and they will have no problem with this. If you like msg me with the name of the lender and I will confirm what their policy is. Thanks Re: Question about joint loans 4Jun 12, 2010 9:49 am Hi KT+2, Yeah we had this issue too with one of the big 4 - but were fortunate enough to get around it. We are married and the unit we're in (we've sold but not settled as yet) is only in my name same as on the title. We wanted to use the equity in our unit (therefore using my mortgage) to purchase the land and then "top up" the loan to cover the remaining amount. Well we wouldn't have been able to do that as I didn't earn enough money by myself to have the mortgage for both the unit and land in just my name - even though as you stated above we are married and have been paying the loan off together for 5 years! We have had to create a new loan, in both of our names to cover the land and construction even though this is before our unit has settled! It's a pain in the butt as we have to the establishment fees and all the other fees that go along with it when we paid that originally when we bought the unit! What I find strange is I couldn't have the land and unit just in my mortgage - but we together can have a mortgage for the unit, the land AND the construction??? Hope this helps to know you're not the only one! Sleven Moved into our Atlantique MkII 36 by Carlisle Homes Re: Question about joint loans 5Jun 12, 2010 2:49 pm That's just bizarre. Of course you can have a joint mortgage with security being a property held in only one of your names. Our old house was in my name soley, and we had a joint home loan. I signed as both mortgagor and debtor, my husband signed just as debtor. No problem at all. Just go somewhere else. Re: Question about joint loans 6Jun 12, 2010 7:32 pm kek That's just bizarre. Of course you can have a joint mortgage with security being a property held in only one of your names. Our old house was in my name soley, and we had a joint home loan. I signed as both mortgagor and debtor, my husband signed just as debtor. No problem at all. Just go somewhere else. which lender was that? VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Question about joint loans 7Jun 13, 2010 9:11 am Pepto471 kek That's just bizarre. Of course you can have a joint mortgage with security being a property held in only one of your names. Our old house was in my name soley, and we had a joint home loan. I signed as both mortgagor and debtor, my husband signed just as debtor. No problem at all. Just go somewhere else. which lender was that? One of the Big 4 ....doesn't matter, any lender can do it, big or small. It's not a security or debt risk, so there's no reason why it can't be done. The bank has acceptable security and both parties are "jointly and severally" responsible for the debt. I used to be a lender, and came across this situation all the time. Some bank staff these days are just a bit thick. I swear they recruit them one day, and inflict them on the public the next. To my understanding early saw cuts are to control shrinkage cracks, so doing them now would be pointless. Control joints may reduce ugly cracking during periods of soil… 3 9862 Hi all I need a guidance on how far I need to space expansion joints in the concrete driveway and its type (keyway/foam.) Contraction joints are at 3m max for a 125 slab. Thanks 0 10940 Hi, I am planning to select San Selmo reclaimed original for the fascade of my build. I have seen many photos on line of the brick varying from a rustic to a neat finish.… 0 4578 |