Marital status is a factor when you are going to buy any property and have to apply for a mortgage. Investing in a property is as big a commitment as marrying someone indeed.
Mortgage worthiness of an individual and the financial plight play a crucial role when you choose to invest in properties to purchase sooner or later.
Dual income is surely going to be a sweet something to plan and dream the future in a grand manner. Brighter financial picture is what forces many out there to enter into the wedlock. Yet, when you are being part of the couple, there are complications to face at times too. Especially when it comes to buying properties you can get completely exposed about your true interests.
Mortgage lenders are not appreciating marital status as a couple, on the application under most of the circumstances. Mortgage note name and the person who is liable to pay the loan back are what that matters at the end of the day, to the lender. Any lender is going to scrutinize the creditworthiness and the financial stability of the borrower more than anything else.
Relationships make or break, further, but that has got to affect the mortgage applications in an unexpected manner. It is good to apply for the mortgage with one spouse rather than doing so with a couple for better processing. Less expensive homes can be another positive way of approaching the idea altogether.
The name is mentioned in the sale deed or the marital status mortgage deed matters the most. It matters a lot if you are going to be separated. If the condition is like you are separated with a pending divorce then the complications are more in fact. Every state in the country has different definitions for those marital properties. If one of the partners has bad credit then that can complicate things as well. Two credit scores will be taken into consideration to arrive at the final decision, as a lender.
In case, one of the spouses does not meet the requirements as needed and stated by the lender. Debts or the expenses per month can be higher to not to consider your marital status mortgage application. If you are just recently widowed then there may be a lot of documentation that can be pending to be cleared inclusive of the certificates related to the death of the spouse. So it may take a good while for the marital status mortgage applications to be sanctioned under these special cases.