Getting a mortgage is a commitment that will unite you with the bank for the long term, at least between 15 and 40 years. It is often an agreement that can be achieved individually, but it is good to evaluate them if you apply as a couple. Getting the mortgage loan alone or doing it with your partner can have differences. They include:
Banks Have Preferences for Couples
Without falling into romanticism, financial institutions often see applicants who request the loan as a couple as an advantage over those who do it alone. This happens because they consider that it is safer than granting a mortgage to two owners, making the delivery of the capital less risky. The reasons behind this position are:
The Income of Two People Will Be Used to Cancel the Debt
When there are two holders of a mortgage, the fee will represent a lower financial burden for the mortgaged. Also, if one of the incumbents fails, the other can cover its part. There may be an unforeseen event, such as one of the members of the couple losing their job.
During this difficult situation and until you get a new job, the loan can be repaid with the other owner’s income. This is considered a lower risk of default by banking analysts, who will see with better eyes granting the loan to a couple than to an individual alone.
Of course, this
consideration is valid as long as each member of the couple has a stable job and good income. In this way, the financial institution ensures that both have a solid base to pay the monthly payments and avoid unwanted defaults.
What Happens If One of the Two Members of the Couple Does Not Have a Good Financial Situation?
Whenever a couple is presented as a candidate to request a mortgage, the bank will pass their data to the risk analysis department. If one of the two is not going through a good financial situation, it is very likely that the financial institution only prefers to count as a client of its mortgage the member of the couple who has a good job. This will be the one who gives you the most guarantees that you will be able to pay the mortgage throughout the mortgage contract.
Can You Take Out a Mortgage While Single?
Banks may
prefer to grant mortgages to two holders, which is not in contrast to the fact that they can also give loans to single people. If the candidate presents the requirements to acquire a mortgage, he will have no problem obtaining financing to purchase a home.
The requirements of the banks have to do with the credit profile of the applicant. Income must be high, your savings cover 30% of the amount of the sale, and have the job stability provided by an indefinite work contract.
The more favorable conditions the client has, the greater the chances they will approve the application and get a mortgage.