Applying For A Joint Mortgage Loan With Your Spouse

Dated: January 24 2019

Views: 4

Image title

When you are ready to buy a home, applying for a mortgage is one of the first and most important steps.  For married couples, this usually involves applying for a mortgage loan jointly.  This means that the loan will be in both of your names and you will be co-owners of the house.  While it may seem like the obvious thing to do, there are a few situations when applying with only one name might be wise.  Here are a few tips on joint mortgage applications.

Is Your Credit Looking Good?

If one of you has a poor credit rating, it could strongly affect your chances of qualifying for the loan and will definitely raise the interest rate even if you do qualify.  If the person with poor credit does not make a large sum of money and their income is not required to qualify for the loan, it might make more sense not to apply jointly.

Employment Doesn't Matter

If one of the partners is unemployed, a stay at home mom or dad or homemaker, or for any other reason, they won't have much impact on the amount of money you can qualify for.  That doesn't mean you shouldn't apply jointly.  First of all, marriage is a partnership, and having the home in both names gives a feeling of equality even if one person makes the income.  Secondly, the person with no income might still have a very good credit rating, making it easier to get the best interest rate!

A Financial Commitment

When you apply for a home loan together, you are connecting yourselves financially in a major way.  Joint mortgage loans aren't just for spouses; many life partners also Purchase a home together.  Just be certain that you are committed to the relationship before you sign mortgage papers.  It can make things very complicated later if you don't.

A joint mortgage is usually a good choice for any couple, because you can combine your income to get approved for a larger mortgage or a better rate.  Just bear in mind that there are situations when you are better off keeping the loan in one name only, mainly for financial reasons

Blog author image

Joseph Baratta

On a mission to provide his customers with the absolute best solutions in the world of real estate and prioritizing customer satisfaction above everything else, Joseph "Joe" Baratta, has made it a po....

Latest Blog Posts

Improvements to Increase Your Home’s Value

If you want to increase the value of your home, it’s important to do some key renovations. But not all renovation projects are created equal. Some are worth the pretty penny spent, but many

Read More

Are you prepping for closing day? Read this first!

When you watch a show on HGTV where an eager young couple is looking for a home, it usually ends when the offer is accepted. In real life, however, that is only the beginning of the story. The

Read More

Save More Every Month with These Smart Strategies

Saving money can be difficult, even when you stick to a budget. It’s easy to feel like you’re not getting anywhere. You wish you could save more, but where do you start?At home.

Read More

Long Distance Home Buying

People move for a variety of reasons. However, long-distance moves often come during times of life change, like a new marriage, new job, or retirement. If your next move is taking you far away to a

Read More
Fair Housing Icon NY Fair Housing Notice