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Getting a Mortgage as a Couple vs. a Single Applicant

calendarApril 20, 2020

peopleThe Mortgage Advisors

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You don’t have to be married to buy your first home. There may be advantages of purchasing a home with another, but those who are single can still qualify to buy their first home all on their own. Lenders look primarily at factors like your income, employment, and credit score to make their decision, not marital status. Find out how the application process works and what the difference is between getting a mortgage as a couple vs. a single applicant below.

Couple

When you’re married or in a common-law relationship, lenders can combine your income, debts, and credit scores to make a decision of whether or not to lend to you. In most cases, applying together will improve your debt-to-income levels and help you qualify for a bigger loan with better terms. But if one of you has bad credit or a hefty debt-to-income level, this could work against you since the lender will typically use the lower of the two credit scores. In this case, you’d be better off applying for the loan using only one spouse’s name or for a less expensive home. 

Single

If your relationship status is single, you can still apply and obtain a mortgage. As long as your income is high enough, your debt is manageable, and your credit is acceptable, you can be approved. If you don’t qualify based on your income, employment status, debt level or credit rating, there may be other options available to you. One option is to obtain a co-signer who will agree to make the payments if you are unable to do so. Another avenue you may want to explore is using an alternative or private lender to obtain a mortgage. You may face higher interest rates compared to a bank or credit union, but the qualification rules will more relaxed.  Not sure if you will qualify for a mortgage? Start with our mortgage calculator and then meet with a professional mortgage broker before you apply. It's the best way to get informed about everything you need to know. An experienced mortgage advisor will review all of your documentation and make sure you have everything in order to get approved. Whether you’re trying to apply as a couple vs. a single applicant, we can help you find a mortgage product with rates and terms that work with your financial situation and lifestyle. Contact us at The Mortgage Advisors to get started today. 
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