FRFCU is here to help, whether you're refinancing, upgrading to your ideal house, or purchasing your first property.

We serve Active U.S. Military and Veterans with our VA Mortgage perks and provide Fixed Rate Mortgage alternatives in Bridgewater.

However, many purchasers have an important question: Is it possible to be on a deed without also being on a mortgage? Yes, to put it simply! It occurs more often than many people imagine. This is how it operates:

Understanding the Mortgage and Deed
The mortgage and the deed have distinct functions:
• The Deed: shows the property's owner. It is proof of ownership.
• The Mortgage: It is a contract that uses the property as collateral to secure the loan.

Common Scenarios
1. Single Applicant for a Mortgage
Simply your name appears on the mortgage and deed if you are the only applicant and recipient of the mortgage. To protect their claim to the entire property, banks typically demand that the borrower be on both.

2. Including Someone Later on in the Deed

Once the mortgage procedure is over, you can add someone to the deed, such as a spouse. For instance, following marriage, it is typical for a spouse to be added to the deed.

For estate planning factors, you can also move the deed to a trust, which would allow you to change ownership while maintaining the mortgage.

3. When the mortgage is on you but the deed is not
One party can "buy out" the other's ownership by taking the deed in situations such as divorce. Through the deed, the person selling their share transfers ownership by signing away their ownership.

They could still be on the mortgage, though, which would imply that even if they don't own the home, they are still liable for the debt.

Why Lenders Care About Both
Lenders want to make sure they’re fully secured. By having the borrower on both the deed and mortgage, they protect their right to foreclose if the loan defaults. This requirement offers both the lender and borrower clear guidelines on ownership and responsibility.

How FRFCU Can Assist

Our goal at FRFCU is to simplify your financial experience. For veterans and active military personnel who are eligible for VA benefits, we provide Fixed Rate Mortgages in Bridgewater with flexible financing choices and affordable rates.

From Mortgage alternatives in Jersey City NJ to deed and mortgage regulations, our staff is aware of your particular needs and will assist you with any queries you have regarding property ownership.

Our knowledgeable staff is here to answer any questions you have regarding the deed and mortgage process or when you're ready to discuss your mortgage alternatives. We'll provide you with specific support so you can confidently and easily navigate homeownership.