If you are getting married and want to purchase a home, you need to take steps to increase your chances of getting approved for a mortgage. This will make things go much easier for you as well as for the loan company. Below are two tips on how you can get started so you can get into your new home.
Check Your Credit Score
The first thing you should do before applying for a mortgage is to find out what your credit score is. This will allow you some time to improve your score if it is low. Getting copies of your credit report is also helpful. You can get these free once per year from the three major credit bureaus: TransUnion, Experian, and Equifax.
If you find that your report has bad credit ratings, such as if you were late on payments or failed to make payments, you can do some things to help improve your score. First, pay off as many credit card balances that you can and once paid off keep the balance low at all times.
Each time you apply for credit, it causes your credit score to drop by a few points. For this reason, do not apply for a loan until you are sure you are ready. Make sure the mortgage rate, which is how much interest the mortgage lender will charge you, is not too high. The higher this rate, the more your payments will be.
Apply Before or After Marriage
You have to decide if you want to go ahead and get the loan approved for your new home before you are married or wait until after you are married. If both you and your partner have good credit, it would be best to wait until after you are married. This will put both of your names on the loan documents.
If you or your partner has bad credit, the person with better credit should go ahead and apply for the mortgage before marriage. That way, the poorer credit score won't affect the loan, but only one name will appear on the loan documents.
Talk with a mortgage broker if you need help getting a loan. They'll discuss your credit and your specific situation to help you decide whether you should apply for the loan now or after marriage. They also work directly with the mortgage lender or bank to help you find a mortgage with the best rates.
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