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Can a mortgage lender insist on whether you buy as tenants in common or joint tenants

by simsam315573 from , California. Jun 24th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed.. but in general.. if two people are going to be on the mortgage, then its up to you as to how you wish to take title.. The lender could care less if you did it one way or the other.. Understand that the major difference between "Tenants In Common" and "Joint Tenancy" is that joint tenancy gives each owner an equal share of the property.. while with tenants in common, you can specify what percentage each owner has.. The only issue I might foresee is if two people are on the mortgage, and you opt to do tenants in common, but owner A holds a higher percentage of ownership than owner B.. Even in this scenario, it's not a problem, but some lenders might not like it.. regardless, I've never had a lender demand you take title one way vs. another. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 24th 2019
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