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Various Ways to Hold Title to Real Property


Joe Gonzalez
Branch Manager
1st Metropolitan Mortgage
Phone: 610-351-7510
Fax: 610-351-7810

Title is the legal documentation that bestows ownership of real property. This is to be indicated in Part II of the 1003 Uniform Residential Loan Application as "manner in which title will be held."

The decision of how the title will be held should not be put off until the last minute since it has a great impact on future tax planning, the financial future of the borrower(s) and their respective heirs, and the choice of the lender.

It is most important for the mortgage consultant to work hand-in-hand with the borrower's financial planner or tax consultant to assist their mutual client in order to make decisions that work best for their particular scenario.

For example, most married couples would consider holding title with Joint Tenancy. But if one spouse has a good credit history while the other has damaged credit that may prevent funding of the loan, it would be advantageous to place title in the name of the spouse with the good credit rating.

Common ways to hold title are broken down into options that fall under the categories of sole ownership or co-ownership. Many states permit the holding of title in a living trust, but some lenders do not accept those terms. There are ways around this, but this is where the financial planner and the mortgage planner can make a tremendous difference by working together.

Mortgage Interest Rates*
Rates as of 05/01/2008:
 ConformingAPRPayment per
JumboAPRPayment per
30 Year FHA6.25%6.375%$6.16%0.000%$0.00
15 Year FHA6.5%6.710%$8.71%0.000%$0.00
30 Year Fixed6.5%6.625%$6.32%0.000%$0.00
20 Year Fixed6.5%6.625%$7.46%0.000%$0.00
15 Year Fixed6.125%6.207%$8.51%0.000%$0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia

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Comment balloon 1 commentJoe Gonzalez • May 01 2008 04:05PM


Great post Joe.

 Have a great day!

Posted by Richard Ives over 12 years ago