The house does not have a mortgage. One of my siblings plans on buying house but not for another 5 years. Would we all have to be on the loan?
All of the interest holders will need to be on the mortgage to ensure that the lender obtains the necessary security interest in the property. Your lender may allow only one sibling to be on the loan application (and responsible for the repayment of the loan) if their income and credit are strong enough.See question