Can i be on the deed and title but not on the mortgage ans still be 50 owner?

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Can i be on the deed and title but not on the mortgage ans still be 50 owner?

Buying a house with my fianc but im a
stay at home mom for now so the
mortgage loan will be on his name. I’m
using my savings to pay half the
expenses of the home til i get a decent
job. How can i assure i appear as a
half owner even thought i won’t be on
the mortgage.

Asked on January 24, 2017 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Legally, you can be on title without being on the mortgage. However, to a large extent that is up to the mortgage lender: they may refuse to allow (i.e. to lend) ianyone on the title to not on the mortgage; and if they require all owners to be on the mortgage and you and your husband lie about ownership, you will have committed mortgage fraud--a crime.
It is likely that they will require you to be on the mortgage: 1) it adds another person who is obligated to pay the mortgage; 2) a spouse has certain rights over the property anyway and could impede a future sale or refinancing, so it makes sense to simply have you on the mortgage rather than have you as a potentially disruptive "X" factor out there. 
So you could do this if permitted by the lender, but the lender may not permit. If you wish to explore this option, discuss either directly with your lender or with a mortgage broker, who may be able to help you find a lender amendable to this.


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