For a first home loan, should my fiance and I apply jointly, or is one person enough?

Question

We are first time home buyers and are starting to research banks for loans. Because I have never done this, I don't know if we should plan on applyng together or if one of us is enough. Our credit ratings are very similiar and both good. What are the advantages/disadvatages to this? What do couples typically do?

Answer 1

The loan officer should check both of you out then let him/her decide. They know how to find the best rates depending on the situation. Go to your bank first though, that can cut out the middleman (mortgage broker).

Answer 2

Depending on the income and credit score, the process may be a little faster with only 1 person. However, you must take into account that With 2 people, your chances of going full disclosure, meaning you are actually showing the lender how much you actually make. By doing this you can get a better rate. With 1 person you may have to STATE your income only and the rate for this is generally up to 1 percent higher. You also have to take into account that your liabilities abd how much you owe to your creditors also plays a part. if your credit reports are similar and both good, the person with the least liabilities should go it alone.
Couples usually do it with only 1 person on the Mortgage and both parties on the actual title and deed for the house, which means you both own it EQUALLY but only 1 person is affected by a late payment on their credit report.

Answer 3

Dear Distressed;

We here at Direct Mortgage Funders, Inc. can help anyone with any credit situation just as long as they provide the info we need to underwrite the loan. We can do a complimenatary mortgage analysis with absolutely no cost to you, also we refinance loans in all 50 states. Please call us at 818-530-2163 and ask for Fred Javaheri Vice-President of Mortgage Lending or feel free to visit us on the web at www.dmfund.com.

Answer 4

I am a Mortgage Broker from Edmonton Alberta, it all depends on how much you want to borrow, and how good your credit is. So if you want to but a house and need both applicants then both apply. You can contact me @ my website for more information http://AlbertaMortgageGuy.com I won't do financing outside of Alberta but I can help answer any questions

Answer 5

you rather could desire to attend until you're married previously you're making a economic step like that. i'm no longer attempting to jinx you or something, yet something is obtainable...you won't actual marry the guy after which you're caught with attempting to refinance the loan to get him off or worse. If its your motor vehicle, you may desire to truly get it on your very own. you will certainly get a greater effective pastime fee along with your "particularly good credit" as against together with his "no longer large credit". My grandmother gave me an extremely large piece of advice while i replaced right into a young person. She stated to continually pay interest on your credit and pay your charges on time. Her appropriate words have been: 'A undesirable guy ain't have been given no longer something yet his call". meaning, in case you narrow back to rubble your credit you will no longer have the skill to purchase something reason you certainly can no longer pay money for costly stuff.

Answer 6

As an attorney, I frequently tell prospective clients to NEVER buy a house until married. I have seen countless times where there is a break-up and now you own a substantial debt with someone you may not care to speak with much less co-habitat with. My advice is to wait until married to purchase.

Answer 7

If both of your credits are good , then do it together.
If only one of you have a good credit , just do it my youself..