Mortgage Advice For Unmarried Couples Who Live Together
Families come in many different types. Some families consist of a married couple with children and some may consist of an unmarried couple with no children. Whatever your family may look like, know that our mortgage lenders at the Lake of the Ozarks are here for all your home loan needs! That being said, in today's culture, it has become very popular for couples to live together first, BEFORE they get married to get a feel for what married life may be like. Not all of those couples rent, some may choose to put their money toward a valuable real estate investment together and this blog is for them. While you may choose to buy a home together, how do you go about it financially? You likely have many questions about how this process should work. If you can relate to this sort of situation, please call MHQ - Mortgage Headquarters today and get your questions answered.
Ask your mortgage lender whether filing individually or jointly is the best action.
When you are trying to decide whether to file individually or jointly, pricing is something you should consider. All of the following factors can affect the price of the loan:
...and how much you qualify to take out. However, qualification is a yes/no affair. If you only qualify if you file jointly, then that’s what you must do, if you want to take out a home loan, regardless of price. You should evaluate all the factors and then decide what will work best for your unique situation. You may be able to get a better loan price if you file jointly, however that is not always the case.
Take a look at your joint monthly income and discuss what your financial plan will be.
Your mortgage lender will likely look at your gross monthly income and any available assets. If you file together, combing both your monthly incomes and assets can help you qualify for your home mortgage.
Be mindful of your current debt.
Your debt-to-income ratio plays a large role in qualification for a home mortgage. For a conventional loan, a qualifying ratio is typically a ratio of 45%. In certain situations, a higher debt-to-income ratio of up to 50% could be allowed, while some VA loans go up to 60%. Everyone’s situation is unique and there are a lot of factors that go into qualifying for a mortgage.
Do everything you can beforehand to improve your credit scores.
Your credit score will likely be a HUGE factor when it comes to qualifying for a mortgage. If you file together, your lender will likely use the lowest credit score of the two people applying for the home loan. Therefore, one person may have a great credit score of 795 and the other with a credit score of 680. Even though one person has the 795, the 680 would be the score that goes on the application.
All of us here at our mortgage company in Osage Beach wish you the best of luck in your new living situation. If you ever have any questions about future mortgages or choose to refinance at some point, please give us a call. We are happy to help you in any way we can. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
Mortgage Advice For Unmarried Couples Who Live Together
Ask your mortgage lender whether filing individually or jointly is the best action.
When you are trying to decide whether to file individually or jointly, pricing is something you should consider. All of the following factors can affect the price of the loan:
- Interest rates
- Loan-term
- PMI (personal mortgage insurance)
...and how much you qualify to take out. However, qualification is a yes/no affair. If you only qualify if you file jointly, then that’s what you must do, if you want to take out a home loan, regardless of price. You should evaluate all the factors and then decide what will work best for your unique situation. You may be able to get a better loan price if you file jointly, however that is not always the case.
Take a look at your joint monthly income and discuss what your financial plan will be.
Your mortgage lender will likely look at your gross monthly income and any available assets. If you file together, combing both your monthly incomes and assets can help you qualify for your home mortgage.
Be mindful of your current debt.
Your debt-to-income ratio plays a large role in qualification for a home mortgage. For a conventional loan, a qualifying ratio is typically a ratio of 45%. In certain situations, a higher debt-to-income ratio of up to 50% could be allowed, while some VA loans go up to 60%. Everyone’s situation is unique and there are a lot of factors that go into qualifying for a mortgage.
Do everything you can beforehand to improve your credit scores.
Your credit score will likely be a HUGE factor when it comes to qualifying for a mortgage. If you file together, your lender will likely use the lowest credit score of the two people applying for the home loan. Therefore, one person may have a great credit score of 795 and the other with a credit score of 680. Even though one person has the 795, the 680 would be the score that goes on the application.
Get Your Mortgage Questions Answered By The Experts!
All of us here at our mortgage company in Osage Beach wish you the best of luck in your new living situation. If you ever have any questions about future mortgages or choose to refinance at some point, please give us a call. We are happy to help you in any way we can. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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