Although a joint mortgage is convenient, it is not always the best financial decision. A joint mortgage allows more than one person to be liable on the loan. If a co-borrower is unable to pay their share, then other co-borrowers may be forced to pick up the slack.

What is a Joint Mortgage?

A joint mortgage is a loan taken out by more than one person. In a joint mortgage, the lender will hold a lien on the property used as collateral for the loan. A joint mortgage allows each borrower to borrow more than they would be able to with an individual mortgage.

Is a Joint Mortgage a Good Idea?

When deciding whether or not a joint mortgage is worth it, it is important to examine the financial situation of the borrowers, as well as the likelihood of the loan being repaid. While a joint mortgage has benefits, it can be problematic if all the borrowers are unable to pay the loan back.

Who is Eligible for a Joint Mortgage?

Since anyone can apply for a joint mortgage, there are a few restrictions on who can obtain one. Most lenders will consider each borrower’s credit history and income when deciding whether or not to approve a joint mortgage. A joint mortgage cannot be approved if the borrowers have poor credit and are in danger of defaulting on their loan.

What Credit Score is Acceptable for a Joint Mortgage?

A joint mortgage is only as good as the credit of each borrower. If a borrower has a low credit score, then the lender may not feel comfortable lending them money.

Some lenders favor applicants with higher credit scores when assessing loan applications; for example, a lender might give more weight to the applicant’s credit score than the other person’s score to assess the loan application. Other lenders might increase interest rates if a lower credit score from one person causes enough concern.

What are Your Rights on a Joint Mortgage?

A borrower’s right to repayment is based on the borrower’s assets, income, and credit history. Since co-borrowers are liable in a joint mortgage, lenders must consider their assets when they assess a loan application. Additionally, lenders will look at the loan application of each borrower to determine if the loan will be repaid.

In some states, lenders must obtain a certain amount of information about the borrower before approving a joint mortgage.


While getting a joint mortgage can help you qualify for a larger loan, that doesn’t mean it’s the right decision for every party. When considering whether or not to take out a joint mortgage, carefully weigh all the facts and figure out if this is really the best option for you financially in the long run. If you’re at all nervous about buying your dream home (and who isn’t?), a joint mortgage might be just what you need to get yourself some peace of mind.

Make sure you work with a reputable mortgage lender in Colorado Springs when you have decided. Total Lending Concepts offers home loans to fit every situation. Contact us! We also have locations in Columbia, MO, Tampa, FL, Dallas, TX, Alamosa, CO, Pueblo, CO, Neosho, MO, Jefferson City, MO, San Antonio, TX, Bell, FL, and Southlake, TX, Sedalia, MO, Lake of the Ozarks, MO and more to come!