Do I have to be married to be on the same mortgage as my girlfriend? What happens if we break up?

Hi Ray: This could turn out to be a complex situation.Don't be confused with the word "Mortgage". There are 3 parts to the ownership paperwork of a home. First is the "Note" which is the agreement to repay the lender. The names on the application and approval go directly on the note. The second part is the "Deed" which gives title or proof of ownership of the home. The third is the "mortgage" which is the legal filing that establishes the lien on the property to protect the lender and allow foreclosure if a default occurs. You do not have to be married to jointly or commonly own a property. Make sure you understand the meaning of joint and common ownership as each has its advantages and disadvantages. As tenants in common each party has ownership to a portion of the property, ie 50/50. If one decides to leave he or she owns only their portion of the property. As joint owners each own 100% of the property. Joint ownership is typically the way married owners purchase properties. The consequences of incorrectly deeding the ownership can be monetarily painful when problems arise. You may want to discuss this in more detail with a legal expert and your girlfriend to make sure you all understand how it works.

Hi Ray, No, you don't have to be married to be on the same mortgage as your girlfriend. You can both be on the application and consequent home loan. However, if you break up someday, you are both personally liable for the loan that you took out and this could make things complicated if you both don't have the same goals for the property as well as your personal goals. If you are not certain of your future together, I would first try to qualify for the home on your own. You can also have her try to qualify on her own as well as both of you together. If things work out between you both either one of you can be added to the title on the property as a joint owner at any given time. The person that was added will have a vested interest in the property but the mortgage will not show up on their credit report. If you wanted it to show up on the credit report you would both have to be on the initial loan together or you would have to do a refinance at a later date with both of you qualifying on the new refinance loan. Feel free to call me (Brian) at 602-688-1339 with any questions. You can also submit a complimentary secure online home loan application at http://www.bncnationalbank.com/scottsdale/besquivel