Whether you’re single, married, divorced, or somewhere in between, your relationship status impacts your financial life when you think about applying for a mortgage.
Some of the biggest commitments we can make include agreeing to a serious, long-term relationship — be that with another person or, in the case of your finances, a house for sale in San Francisco, CA, or Boulder, CO, and the 30-year mortgage that comes with it. And interestingly enough, there is a relationship between money and marriage, especially when that money is related to a mortgage payment on your home. Your relationship status can have a direct impact on your ability to get a mortgage, whether you’re single, in a long-term relationship, or married.
It’s not that a specific relationship status decides whether you can get a mortgage. But that status can influence the financial factors a lender does look at to determine whether you get approved for the home loan you apply for. “We don’t look at customers differently; we look at them as fact,” says Chris Copley, regional sales manager at TD Bank. “You can have an occupying co-borrower, and that’s fine. If you called and said you’re single, that’s fine. We’re looking at the loan based on what’s factual and what your income is and what you’re looking to buy.”
Here are seven ways that your relationship status can influence your financial facts — and how that, in turn, might impact your mortgage-worthiness.
I remember buying our first house with my wife. I was the one with a lower credit score. Like most men (boys HA!) We didn’t think much about credit. We guys are often quite content as long as we could pay our new car note and rent (sometimes)! I remember that brand new IROC Z Camero I had, and where is it now? LOL
But seriously, for you younger guys out there, pay attention to your credit worthiness. Not only that but your debt to income ratio. The “New” toys are not worth it in the long run! Wait until you have a little stability before you “Play”. OMGOSH I sound like my dad! Let me stop! 🙂
Lastly, never get a co-signer. Like the article says, it can really destroy a relationship! Family is more important than things. Don’t put them in that position.
I have learned if you cant afford it, you don’t need it! Be patient! You’ll get there!
~Rod 480 560 8033
Trulia Article – Thanks!