Mortgage contingency?

Hello,

I am in the process of purchasing a home with my partner. It worked out best rate wise for us both to be on the title, but I’m the only one on the loan, since my credit score was higher.

Given the current economy and rates, if I got laid off (already talks about it in my field) would my partner be obligated to also get a loan since they’re on the title too if I can’t fulfill my loan due to employment? As in, would we be able to get out of the contract on that contingency, or because my partner is on the title too is the contingency then tied to both of us attempting to get a loan?

Only asking because rates are much higher now, and nervous about our purchase and future market, and our closing is still a good bit out…

submitted by /u/paradocxical
[link] [comments]

Hello, I am in the process of purchasing a home with my partner. It worked out best rate wise for us both to be on the title, but I’m the only one on the loan, since my credit score was higher. Given the current economy and rates, if I got laid off (already talks about it in my field) would my partner be obligated to also get a loan since they’re on the title too if I can’t fulfill my loan due to employment? As in, would we be able to get out of the contract on that contingency, or because my partner is on the title too is the contingency then tied to both of us attempting to get a loan? Only asking because rates are much higher now, and nervous about our purchase and future market, and our closing is still a good bit out… submitted by /u/paradocxical [link] [comments]

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