Q. How do I go about splitting a mortgage between myself and another individual? Can we just get two mortgages split 50/50, that way I can get one based on my credit and vice versa?

A. Unfortunately, you cannot get two 50% mortgages. The house is collateral for the mortgage loan and splitting it just wouldn't work.

What you need to do is get a joint mortgage that both of you would sign and make you are co-owners of the home. The lender wants no ambiguities. You'll both be responsible for 100% of the payments.

Or, one of you could buy the house with a legal stipulation that you would split the costs, but that would eliminate the other from tax benefits.

You'd also need a binding and legal agreement that spells out each buyer's rights and responsibilities. This will set down the rules should one person die, leave the home for any reason, or want to sell his or her share.

Any real estate attorney can draw up such a contract. But you definitely need legal advice to do it right.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.