Insert Surname Field from the Home Loan Application and eSign it in minutes

Aug 6th, 2022
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How to Insert Surname Field from the Home Loan Application

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[Music] hey guys uh good afternoon angelo christian financial thank you so much for watching our podcast real estate insider i got a fun one for you today things that you should not tell your mortgage lender when youre getting a home loan and youre saying and youre going to wonder hey why is angelo saying theres things you should actually hide from your mortgage lender no im saying you know when youre getting a home loan you want to be very transparent you want to be honest you dont want to hide anything or be deceitful but obviously when youre buying real estate its a major transaction uh how many guys out there ever tried to buy a home before and youre really taken back or aside by all the questions that your loan officer is asking you know there are some things when youre getting a home loan that you dont want to disclose you dont want to discuss or actually do because you can actually jeopardize the transaction or affect yourself from getting approved for the home loan

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When evaluating borrowers for a joint mortgage, the lender cares less about who is listed first, and more about the sum of the applicants earnings and debts. In general, the lender evaluates the application the way the applicants submit it, without regard to whose name is listed first.
Remember, the name on the mortgage is the person who is responsible for ensuring the payments on the loan. The names on the title represent the owners of the home. So, make the decision that is in your best interest.
First mortgages take precedence over second mortgages for repayment if the borrower defaults. This means that second mortgages are subordinate, not superior, to first mortgages on a home.
The only way to change the names listed on a mortgage is to refinance in the new borrowers names. If you divorce, for example, youll need to meet the qualifications to refinance the house in your name alone. If you want to add someone to your mortgage, youll both need to jointly qualify to refinance the mortgage.
Most types of home loans will only allow you to add one co-borrower to your loan application, but some allow as many as three. Your co-borrower can be a spouse, parent, sibling, family member, or friend as an occupying co-borrowers or a non-occupying co-borrowers.
Since the borrower and co-borrower are equally responsible for the mortgage payments and both may have claim to the property, the simple answer is that it likely doesnt matter. In most cases, a co-borrower is simply someone who appears on the loan documents in addition to the borrower.
If you want to add another name to your existing mortgage loan, youll need to refinance it. Regrettably, refinancing your mortgage with your current lender in order to add a new borrower to it can prove time-consuming.
As mentioned before, just because both parties are on a loan doesnt mean they own equal shares of the property. Unless they are joint tenants/have full joint ownership, its likely that only one of the borrowers in a joint mortgage has their name on the actual house title.

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