For a first home loan, should my fiance and I apply jointly, or is one person enough?

We are first time home buyers and are starting to research banks for loans. Because I have never done this, I don't know if we should plan on applyng together or if one of us is enough. Our credit ratings are very similiar and both good. What are the advantages/disadvatages to this? What do couples typically do?

Public Comments

1. The loan officer should check both of you out then let him/her decide. They know how to find the best rates depending on the situation. Go to your bank first though, that can cut out the middleman (mortgage broker).
2. If both of your credits are good , then do it together. If only one of you have a good credit , just do it my youself..
3. I am a Mortgage Broker from Edmonton Alberta, it all depends on how much you want to borrow, and how good your credit is. So if you want to but a house and need both applicants then both apply. You can contact me @ my website for more information http://AlbertaMortgageGuy.com I won't do financing outside of Alberta but I can help answer any questions
4. Depending on the income and credit score, the process may be a little faster with only 1 person. However, you must take into account that With 2 people, your chances of going full disclosure, meaning you are actually showing the lender how much you actually make. By doing this you can get a better rate. With 1 person you may have to STATE your income only and the rate for this is generally up to 1 percent higher. You also have to take into account that your liabilities abd how much you owe to your creditors also plays a part. if your credit reports are similar and both good, the person with the least liabilities should go it alone. Couples usually do it with only 1 person on the Mortgage and both parties on the actual title and deed for the house, which means you both own it EQUALLY but only 1 person is affected by a late payment on their credit report.
5. Dear Distressed; We here at Direct Mortgage Funders, Inc. can help anyone with any credit situation just as long as they provide the info we need to underwrite the loan. We can do a complimenatary mortgage analysis with absolutely no cost to you, also we refinance loans in all 50 states. Please call us at 818-530-2163 and ask for Fred Javaheri Vice-President of Mortgage Lending or feel free to visit us on the web at www.dmfund.com.
6. As an attorney, I frequently tell prospective clients to NEVER buy a house until married. I have seen countless times where there is a break-up and now you own a substantial debt with someone you may not care to speak with much less co-habitat with. My advice is to wait until married to purchase.