Buying your first home as a couple is too exciting. On the same hand, it is your first major financial decision with your spouse. And you need to be responsible and should take every step carefully.
Understanding Mortgage House Solution For Couples
If you are applying for a mortgage as a couple, then both of your incomes can be used. It also includes the credit scores and amount of debt each person has.
However, if you are planning to apply for a mortgage on your own, then you will only need to depend upon your financial history, income, and credit score.
Let’s quickly understand some factors that can create an impact on your mortgage application and mortgage amount.
Income
If you are using a combined income of both spouses, then you can expect a larger mortgage.
Credit Score
The most happening situation is when you and your spouse both have a good credit score. In case your spouse has a significantly lower credit score than yours. Then you may face some difficulty qualifying for a mortgage. When applied as a couple, the lender will determine your eligibility based on the lower of the two credit scores.
Debt To Income Ratio
The amount of your ongoing debt is divided by the pre-tax money you are earning monthly to calculate the debt to income ratio. For instance, if one spouse is carrying a larger debt, then you can face difficulty while being eligible for a handsome mortgage amount.
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Author Bio
Stella Lincoln is currently working as an Editor at Assignment Assistance UK.
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