MORTGAGE MAVEN

·????There are both advantages and disadvantages to joint mortgages. Here are some reasons you may or may not want a joint mortgage:

·????Advantages of a joint mortgage:

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·????Possible better rate: You may be able to qualify for a mortgage loan at a better rate if your co-borrower has solid financial credentials1.

·????Larger loan: You may be able to borrow more money with a joint mortgage than you would be able to with an individual mortgage.

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·????Tax benefits: Joint mortgage holders can benefit from the income tax rebate if they are on the property title and live in the home.?They can also save some money on the property transfer tax.

·????Disadvantages of a joint mortgage:

·????Credit score impact: If you’re entering into a joint-mortgage agreement with someone who has

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·????a less-than-perfect credit record could affect how much you could borrow together.?And by being formally associated with someone who has had credit problems, your own credit record could be tarnished to some extent.

·????Liability: Both parties are responsible for repaying the loan.?If one party defaults on payments, it will affect both parties’ credit scores.