Sometimes a homebuyer who’s married wants to buy property as an individual. They want to be the sole buyer, with no other name on the closing papers.
How can it work? Consider the purchase money mortgage.
As Cleveland’s CrossCountry Mortgage® company explains, “if a married person wants to purchase a property without their spouse being on the loan OR on the title, they can classify the transaction as a purchase money mortgage.”
With this mortgage, the marriage partner is (a) not responsible for repaying the lender for the mortgage; and (b) not named on the deed.
Continue reading “Buying Without Your Spouse? What to Know About a Purchase Money Mortgage”
