Ask The Expert

Ask The Expert

Mortgage Quotes for Engaged Couples


  Shoprate.com

Q: My fiance and I just found our dream home. Mortgage rates are low and we've got enough money for a down payment. I'm just worried that neither of us will qualify for a home loan on our own. If we wait for the wedding, we may miss out. Can we try to shop for mortgage quotes together?

Suze Orman and Dave Ramsey might both caution you to hold off on signing any home loan papers until right before (or right after) you walk down the aisle. However, there's no legal reason for you to keep from looking for mortgage quotes together. Mortgage lenders are happy to consider co-borrowers in any kind of relationship, provided that both prospective parties have solid credit reports and reliable incomes.

Personal finance experts recommend that engaged couples shop for mortgage quotes with payments that account for no more than 25% of their combined income. This strategy reduces the stress levels around the house as couples get accustomed to paying bills together. If things somehow don't work out, it's also possible for one of the co-signers to manage a home loan payment that size, at least for a little while.

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