When we think of acquiring a mortgage loan to buy a house, we cannot avoid thinking about the option of adding the income with that of someone else, either to make the amount larger or because that of a single person is not enough.
We know this option of adding income as co-accreditation. However, there is a general question that may arise when we choose this modality and that is if I add my income with someone else’s, who is the owner of the property?
Do not detach yourself from this article because in it we will tell you whose house is when we use the co-accreditation scheme. In addition, we will tell you the scenarios in which it is convenient to add income with that of another person to get good.
Points about co-accreditation
Before going into the subject, let’s look very briefly at a definition of what the term co-credited encompasses and some advantages of buying a property using this peculiar credit design.
In a very brief way and taken directly from the ION Financial glossary, a co-accredited is.
“The natural or legal person who participates in a loan as an additional borrower. It is the other person who takes charge of the credit together with you. ”
So okay, now that we understand a little better what being a co-borrower is based on, let’s think about some aspects to consider if we want to process a loan with someone else.
Considerations for a co-loan
We may think that acquiring a joint credit does not go beyond sharing the debt with someone we trust, however, let’s think about it a little more.
Among the possible advantages of acquiring a co-accreditation are the fact that it is easier to obtain a loan for a higher amount.
On the other hand, a co-loan represents a great commitment for both parties involved, so it is recommended to choose our co-borrower very well, since if our co-borrower is not very organized in his finances, it may in fact affect us permanently.
Now that we have seen very quickly some aspects that are worth mentioning regarding shared credits, let’s move on to the central point of this article, “if I am as a co-borrower, who is the homeowner?”.
One or the other, who is the owner?
As expected, when a situation involves two or more people, there are always variables that have their particularities, let’s see them in the case of co-accreditation.
Co-crediting in a mortgage loan with relatives
Suppose we have a family member who wants to acquire a mortgage loan, however, they do not have the resources to reach the amount with which the loan itself can be started.
So, you decide to add your income with that of someone in your family to reach the amount they need to acquire a loan. They both got together to get the real estate out, so are they both owners?
The answer is no. Although you can add your income with one or more people to process a mortgage loan and acquire a home, the credit agreement will only be in the name of one and that person will act as the main borrower.
In fact, in no case can the co-accredited owners of the asset being acquired, there will only be one, and that is the one who signs the contract, defined as the “main borrower”.
However, this is not the only variable that can be considered when requesting a co-accreditation, let’s look at the following situation.
Co-crediting of a mortgage loan in marriage
Let’s now think about the following situation; We are married and we want to acquire real estate, to be able to give the best to the family that in a few years we plan to have or that we already have.
We want this process to be more flexible, so we request a co-accreditation, but again the question appears who will be the owner?
In the case of co-accreditation in marriage, we could say that it is the only case in which both co-accreditors can become owners of the property, but we must make an important parenthesis since this action is only possible if the spouses marry for property jointly.
Although co-accreditation between spouses is the most common, it is not the only scenario in which it is convenient to add income, let’s look at another example.
Possibility of co-accreditation between friends and/or acquaintances: a good alternative
Many might think that co-accreditation can only occur between spouses or relatives, however, ION Financiera offers the possibility of enabling co-accreditation, it is only necessary that one of the borrowers owns a property that can serve as collateral.
Suppose that a family member or a friend plans to acquire a property that can serve as a vacation home, if we wish, an agreement can be reached to carry out the co-accreditation leaving the aforementioned guarantee, and thus, we can pay together with that family member or friend.
The fact is clear that when we are co-accredited, as long as we are not married, one of us will be the main co-accredited. In this case, the one who proves to be the owner of the property placed in guarantee will be the creditor to be the main creditor.
ION Financiera, the best option to add income
Whether we help a family member or friend to get their new home, we do it with our partner or we seek success with our partner in that business that we are growing, ION Financiera has the possibility of being co-accredited with someone else.
Wait no more, set your aspirations to get real estate in motion through co-accreditation.