Mortgage in My Name, House is Not. Who is Responsible?
Monthly mortgage payments need to be paid on time if you want to own your house. In the mean time the house might not be in your name only due to the fact that the lender has given you the money to finance the purchase so should you not pay the house will be turned over to them. When you have a mortgage you are responsible for the mortgage payments, if a payment is missed it is you that the lender will be after looking for the money.
Taking Out a Mortgage in Your Name
When you are looking for lending that is a large sum of money your best bet is to go with a mortgage. Having a mortgage can provide you hundreds of thousands of dollars that you are looking for with the ability to pay it off over time. When you meet with a financial lender they will go over the basics to make sure that this is the financial investment that is right for you. Having a mortgage in your name is a big commitment so you should be aware of all the financial risks that will come along with the liability. A monthly payment every month can add to your bills so it is important that you have the money to meet the required minimum payments. When you have a mortgage in your name it can be huge to your credit score as well. If you are able to make all the payments and pay of the mortgage you took out then you will notice that your credit score will improve because you are showing that you can pay your bills and you will look financially stable.
The Responsibility of Having a Mortgage
A mortgage payment can be for some a financial burden due to the fact that large payments will be due every month. These payments are a huge responsibility because they have to be paid each month or else you might have to pay extra or you may even loose your home. Lenders show some leeway, but if you are considered to be just to much of a lending risk then they may reposes the house and then what ever money you have paid in will be used towards the sale of the house and if the house sells for less then the money you have borrowed then you may be forced to pay the remaining balance. Since having a mortgage is what helps you pay for a home then it is important that you are on time because this payment is the most important of all your payments. If you loose your home then you will have to find alternative living arrangements.
Keeping It in Your Name
It can be very important that you have the mortgage and the house in your name because should you have a problem with the person that is in the house that you are paying for then it can be helpful in getting them out if you have both. If you are paying a mortgage for a home then why shouldn't you have the home in your name? Making mortgage payments on time is important, but if you are making these payments you want the end result to equate to something in your favor. Make the payments and have the house in your name and then when you have finished paying the mortgage you will own the house and you can do with it what you choose. If you ever have any questions regarding mortgages you should always speak one on one with a mortgage specialist to find the best plans for your financial well being.
