Who are the parties involved in a mortgage loan?

The 2 Parties To A Mortgage

Mortgagor: The mortgagor is you, the borrower.
Mortgagee: The mortgagee is the lender.

How to choose a name for your mortgage company?

Unique Names: Make sure to keep in mind to choose a name which is unique enough. If you choose a name which is unique enough, you can make your presence in a unique way. Thus, it will be helpful for you to rank better in the industry. These are the points which you should keep in mind while choosing a name for your mortgage company.

Who is responsible for paying off a mortgage when two names are on the title?

In the event you opt for two names on the title and only one on the mortgage, both of you are owners. The person who signed the mortgage, however, is the one obligated to pay off the loan. If you’re not on the mortgage, you aren’t held responsible by the lending institution for ensuring the loan is paid. Not on mortgage or title

Can you have more than one name on a mortgage?

If you decide only one name on the mortgage makes the most sense, but you’re concerned about your share of ownership of the home, don’t worry. Both names can be on the title of the home without being on the mortgage.

Can a name be removed from a mortgage?

If you’re interested in removing a name from a mortgage, a big life change is likely happening.

Who is the owner when two names are on the mortgage?

On the bright side, some lenders may waive it to add a family member. In the event you opt for two names on the title and only one on the mortgage, both of you are owners. The person who signed the mortgage, however, is the one obligated to pay off the loan.

Is the title of a home separate from the mortgage?

The title or deed of a home is separate from the mortgage or loan. Homeowners’ names can appear on the title and not on the mortgage. Learn the ownership implications of your name being on the deed of a home verses the financial responsibility of your name showing up on the mortgage.

Who is responsible for paying off a mortgage if you are not on the title?

The person who signed the mortgage, however, is the one obligated to pay off the loan. If you’re not on the mortgage, you aren’t held responsible by the lending institution for ensuring the loan is paid. Not being on either the mortgage or the title can put you in quite the predicament regarding homeownership rights.

Can a person’s name be on a deed without being on the mortgage?

A person’s name can be on the deed but not the mortgage. In such circumstances, the person is an owner of the property but is not financially liable for mortgage payments. House Title vs. Mortgage The person whose name is on the deed has the title to the property.