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My Purchase contract has 2 borrowers, can only one be on the loan??

posted Mar 20, 2013, 2:39 PM by Massey Kouhssari
I always advice my clients to take on any debt one at a time & leave on person debt free whenever possible. But if your Purchase contract has indicated both as purchasers then you have the following choices: 
  • both need to apply & be on the loan or 
  • draw up an addendum to remove one name off the purchase contract. Note: You can always add that name to the title at closing.