The Short Answer

As you likely know, obtaining a mortgage is a common means of financing a home. But more often than not, there can be confusion over who is required to sign a mortgage in Iowa. The short answer is titleholders and spouses. Seems easy right? Well, here are a few scenarios where this might get confusing:

Common Scenarios

  • Two individuals who are not married to each other, but are both on the title
    • In this situation, both individuals and their spouses, if applicable, would have to sign the mortgage.
  • A married individual, but only one spouse is on the title
    • Even though only one spouse is on the title, both spouses would be required to sign the mortgage.
  • A party who is signing a promissory note and giving money to the transaction, but is not on the title
    • Anyone who is not a title holder or title holder’s spouse does not have to sign the mortgage.
  • Titleholder is an LLC, corporation, or other entity
    • Only the members who are stated in the entity’s bylaws are needed to sign. It could be one member, two members, or a majority of members.

In conclusion, it depends on the situation. And these are just a few examples of common situations. It is crucial to carefully consider who will be signing onto your mortgage before making a final decision. By understanding who needs to sign a mortgage, you can avoid potential legal issues and financial pitfalls down the road. So take the time to research and seek personalized guidance if necessary. For individual cases or further information, please contact your lender or your closing agent.