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When applying for a mortgage, your relationship status plays a significant role in how you will go about the process. Getting a mortgage can either be made easier, or more difficult when you’re in it with your partner due to a couple different factors. Your mortgage agent will do their best to guide you and your spouse through the home purchase process to make it as easy as possible.

Beyond Your Combined Income

Beyond the assumption that both you and your spouse have a solid income, buying a home extends to other areas of financial well being as well. Not sure how to purchase a home? Explore this infographic to learn the steps of purchasing a home.

Marriage and Your Credit Score

Married life means you share everything – but that’s not true for your credit score. Your credit score will remain your own even when you get married! This means that you and your spouse have separate scores, therefore when you make any significant purchase the two scores are not combined.  Instead, both scores are taken into account and an average score will be calculated by your mortgage agent. This can either be a good thing, or a bad thing.

What To Do With Good Credit

Getting a mortgage with two good credit scores is easy. If both you and your spouse have kept an eye on your credit and have kept it up then your home purchase will likely go smoothly. Remember, anything above 650 is considered good credit, below 650 will limit some options, and below 575 is considered “fair” which will limit your options, but there is always room for improvement! Read more about credit scores.

What To Do With Bad Credit

If either you or your spouse has bad credit, then the average score will go down, making the home purchase more challenging. Be prepared when seeking a mortgage and check your credit score beforehand. This will help realize whether you need to work on raising your credit score. On the occasion that one of the parties has been involved in bankruptcy or a previous foreclosure, there is a “seasoning period” you must be aware of. Once a person has been involved of either of these two actions, there is a period in which they must wait before applying for a mortgage or a loan of any kind. This “seasoning period” can last months, or even years.

Keep An Open Dialogue With Your Spouse

It’s important to be open and honest with your spouse about your credit score. The home purchase process dives into your finances and discovers exactly what you can afford, there is no avoiding it! While you’re thinking about getting a mortgage with your spouse, be realistic and fair. To learn more about your credit score and how to improve it, click here.