What are joint mortgage loans?
They are forms of financing for two people to increase their credit capacity. Contractors get more credit than they would get individually by joining their home savings accounts. This way, they will be able to buy a larger home or make a better investment together.
Generally, these credits are obtained in pairs, however, it is also possible to obtain it between close relatives such as parents and children or siblings.
Who can I get a joint mortgage loan with?
Institutes such as Fovissste or Infonavit will request a verifiable marriage certificate as proof of the solidity of the relationship, i.e. only married couples can access this type of credit in public institutions. But in the case of private institutions (banks and Sofomes), it is possible to obtain it between parents and children or unmarried couples.
Both people sign the contract, while one is accredited and another as co-accredited. Although the accredited person is the one who provides the highest income and is the obligor of the fulfillment of the contract, both have the same responsibilities and benefits. In addition, by complying with the debt, the two remain owners of the property regardless of who contributed the most, with the same rights over it.
Of course, it is important to consider all the long-term possibilities. A common concern in the case of spouses is: what happens in the event of divorce or death of one of the contracting parties?
During the divorce process, it must be determined who will remain the owner of the property and that person will become the sole debtor. Substitutions can also be made for debtors, such as a parent, depending on the income they generate. When the financing comes from Fovissste or Infonavit, a payment plan is usually drawn up according to what the couple determines.
In the event of death, credit contracts usually also involve a life insurance contract that covers the debt in its entirety.
What are the requirements to apply?
The requirements are similar to those for individual mortgages, but will always vary depending on the terms of the financial institution. Although, as in any credit application, you need to prove a stable cash flow, have no excess debt and have a good credit history.
This type of credit can make it easier for you to make a better, larger investment, but when you do it together, it’s very important to evaluate all of your options, some of which will vary in interest rates and fees.