If You're Going to be on the Mortgage, You Need to be on the Purchase Contract

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Real Estate Agent with Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 141871

If You're Going to be on the Mortgage, You Need to be on the Purchase Contract

It stands to reason, if you're going to be on the mortgage, you need to be on the purchase contract.  This comes up every once in a while.  Husband thinks he's the only one that needs to sign a contract to purchase a real estate property but his wife's income is needed to purchase and she will be on the mortgage with him.  Usually they listen to us and we go ahead and put her on the contract but every once in a while, they are just absolutely sure that it's not needed... so we end up having to add her to contract after we get acceptance and then back up and get the Seller's initials on the change .

If you're fixing to make an offer on a real estate property and you're married AND your spouse's income is needed for the purchase, their name needs to be on the offer to purchase.  If you doubt that, please ask your lender BEFORE making your offer.  It will save a lot of hassle and confusion. 

Looking for a home in Idabel, land to build on, or a commerical location in our area?  Call me, Judi Barrett at 580-212-5946 or Chassy Barrett Eastep, agent with Integrity Real Estate Services at 580-236-9414!

 

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi you are correct in order to use income the person needs to be on the sales contract, and listed as a borrower on the mortgage.  Some people confuse the ability to be on title with this.

Sep 21, 2019 03:10 PM #1
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great reminders, Judi. People often confuse having their name on the deed with other aspects of the transaction as to where their name is shown. In North Carolina, spouses have an immediate equitable interest in the property, so it doesnn't matter from that aspect whose name is on the mortgage or the deed.

Sep 30, 2019 03:03 AM #2
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1~Judi Barrett

BS Ed, Integrity Real Estate Services -IDABEL OK
Contact Judi Barrett about homes in Idabel Oklahoma!
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