It is always a romantic notion for couples whether they are newlyweds, long-time married couples or simply partners living together to buy a house together. The thought of sharing not just the same roof but also to have both your names on the deeds to the house brings about a sense of belonging and togetherness. Some would even say it is a pledge of commitment after saying their wedding vows to each other. But how many couples, married or otherwise, would be willing to share the same mortgage?

Having both you and your partner’s names on the deeds to the house simply means you own the house together. It is called joint ownership. It does not necessarily mean that you are both responsible for the payment of the house. If the mortgage is under the name of one person, the person whose name and signature are on the document is responsible for the payment of the house. A joint mortgage will bear the names and signatures of the couple together and it will mean that both parties are equally responsible for the payment even if they get a divorce later on.

Getting a joint mortgage is no different than getting a regular one. You will still need to shop around for the deal that would suit your budget and understand every single clause there is before signing the document. The bright side is that you won’t have to go through all the overwhelming research and headaches all by yourself. You and your spouse or partner can share the task of researching on how to finance a home mortgage to best suit both your budgets and financial planning as a couple.

Now as a couple you definitely would not want to spend so much money on paying off the interest on your house. After all there are so many other things that you would want to spend your money on as a couple. You can find out the various ways to keep your mortgage payments to a minimum. Granted that as a couple you split the payment with your spouse but there are still ways for you to minimize your payments. One way is to get professional advice from financial consultants. There are many professionals out there that offer free consultancy and assistance.

Another way to minimize your monthly payments is to place a large down payment. That would save a lot of money in the long run as you won’t be paying so much for interest alone. All by yourself you probably could not afford to place a higher down payment but by combining income and savings with your partner or spouse you can both contribute as much as you can afford for the down payment to reduce the interest and monthly installments.

As there are many benefits to a joint mortgage, there are also some drawbacks that you need to consider. Usually problems arise when couples decide not to be couples anymore and start splitting everything they own together. Most couples would remember to split the deeds to their properties but not many would even think about their joint mortgage until one of them stops making payments and the lenders start calling the other party about it. Your lenders or mortgage providers are not going to care that you have separated or divorced as long as they have both your names on the mortgage.

This is why it is very important that when you and your spouse or partner decide to go for a joint mortgage, you seek every available legal advice and paperwork to protect both your interests should anything like a divorce ever happen. Some might think they do not need to do this at the earliest stage because they implicitly trust their partner and believe that they are too much in love with each other to even think about splitting up. But one can never predict the future, so it is always best to prepare for the unexpected.

As a couple, it is advisable that you explore every other option on mortgages that will benefit you as an individual and as a couple. A joint mortgage has its benefits but also has its drawbacks just like any other mortgage. So be sure to do your research right and decide on something that you both agree on to avoid future disputes.

Author Bio: mortgage finance a home mortgage mortgages

Category: Finances
Keywords: mortgage, finance a home mortgage, mortgages