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Hello, folks.
My girlfriend and I are planning to buy a house to live in together.
We agree to go 50-50 all the way (mortgage payment, insurance, taxes, etc.). Our questions are:
1. Can we make separate mortgage loan, say $90,000 each loan, to buy the house that cost $180,000?
2. If we're not allowed to do that and only one makes a mortgage loan to buy the house and the other just pays half of the the monthly mortgage payment, plus the other incidentals (taxes, insurance, etc.), what do we have to do so that each benefits equally on the tax break from the mortgage interest? It's only fair for the one who did not make the mortgage loan to also benefit from the tax break since he/she is
paying half of it.
We'd appreciate any valid advice from anyone. Thank you very much.
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