My partner and I are trying to get a loan for a boat. We have two mortgages in both of our names. How does the bank calculate annual income? I can't come up with the figure they do. When the bank works up the debt-to-income ratio, they are not dividing the debt 50/50, so we each get dinged for the full amount which skews the ratio. How do I get them to understand that we each pay half?
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They won't understand that. If you have joint debts each of you is responsible individually and jointly. That means if your partner walks away, you are responsible for all debts you owe individually and with that person.
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They won't understand that. If you have joint debts each of you is responsible individually and jointly. That means if your partner walks away, you are responsible for all debts you owe individually and with that person.
