When applying for a mortgage loan, it is important to know the variety of credits that allow you to have your own home or apartment. In case you decide to apply for a loan to buy a house together with your partner, you need to know how a couple is evaluated in a mortgage loan application .
This type of mortgage credit is known as Joint Mortgage Credit and can be accessed through a bank, Lite or Good Lender. In this modality, both your and your partner’s income are evaluated to determine the loan amount, as well as the credit history of both.
When a couple is evaluated in a mortgage loan application , it is also taken into account if the two people sustain income and the ability to pay both, since the insurance necessarily comes together.
To apply for a Joint Mortgage Credit, a civil marriage certificate is required, although some institutions allow couples to live in concubinage.
Is a couple credited in a mortgage loan application?
Although it is a loan that is obtained by adding your income with those of your partner, the bank or institution will take into account the income of both to determine the loan amount. If only one person supports income, the payment capacity of the person who supports income is assessed.
If both people support income, their credit history and ability to pay are evaluated. The requirements for contracting credit under this modality are basically the same as for an individual credit, only in this case both must submit the requested documentation.
What should a couple consider when applying for a mortgage?
When requesting a couple credit to pay a mortgage, it is necessary to ensure that the property is within the credit amount. It is also necessary to check that the house has all the documents in order and that it has a useful life of at least 30 years.
If what you want is to have your own home, this type of credit can be a good option, since the loan amount will be greater than if requested separately.