Who Should Be on the Mortgage for Your Multigenerational Home?

 

Splitting a mortgage with others can significantly reduce your individual burden of homeownership. That’s one big reason why more and more people are embracing multigenerational living these days!

But before you jump into a shared mortgage, there are some key points to discuss with your family and lender:

📝 Number of Applicants
Typically, conventional lenders will work with a maximum of four borrowers for a single loan. If your family is larger, you might need to explore alternative financing options.

💪 Financial Strength
Consider each person’s credit score, income, and debts. If some family members have weaker financial profiles, consider making alternative arrangements so they can still contribute.

⚖️ Legal Structure
Discuss who will hold the title and how ownership will be divided. It’s crucial to plan for potential scenarios, such as a family member moving out.

Need help navigating the complexities of a multigenerational mortgage? Check out our latest blog post for more guidance!

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For more information reach out to one of our experienced mortgage advisors. 

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

www.parkplacecollective.com