I'm getting to live together or get married

Applying for a mortgage as a single man, single woman, or as a married couple has no bearing on your ability to qualify. When it comes to qualifying for a loan, it doesn’t matter if you’re applying as a married couple or as two unmarried individuals, because the loan terms and approval criteria are the same. The likelihood of being approved for the loan depends on income, credit and assets—not marital status. There are pros and cons to using just one person’s credit and income information versus a joint-application.

Single Application

The Pros of a Single Application

  • If your credit score is significantly higher than your partner’s, it will be the only one considered in the credit decision.
  • If your credit history is free of derogatory information while your partner’s is not, yours will be the only information considered.
  • If your debts and other obligations are significantly lower than your partner’s, only yours will be used to calculate your debt-to-income ratio.

    The Cons of a Single Application

  • Your partner's income cannot be considered part of your debt-to-income ratio and will not be used in the credit decision.
  • Joint Application

    The Pros of a Joint Application

  • If both credit scores are similar and meet the qualifying threshold, then applying jointly will not affect the credit decision.
  • If both credit histories are clean, then applying jointly will not affect the credit decision.
  • If your debt-to-income ratio is lower when using both of your income sources, this can be considered in the credit decision.
  • If you’re using higher joint income, then it’s possible to be approved for a larger loan amount.

    The Cons of a Joint Application

  • The credit decision will be based on the lower of the two scores, potentially leading to higher costs and more difficulty qualifying.

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