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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Feb 22, 2021

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Summary

  • Many people buy their first home together either right before or after their marriage
  • Getting a home loan or mortgage depends on a number of different factors, and when you choose to apply for a mortgage with your spouse you need to take into account many more factors
  • Be sure to plan ahead so that you can secure a good mortgage rate and also find the home of your dreams

Home loans for newlyweds and married couples are very common. Traditionally, couples tend to buy houses together either right before or after they get married. Getting a good mortgage rate is essential when it comes to buying the house of your dreams.

A home loan will likely be the most money you’ll ever borrow at one time in your life. Mortgages are very large loans, so there is a lot to consider, and you want to make sure that you plan adequately.

We’ll go over some things that you should consider when applying for a home loan with your spouse, and we’ll also review some ways that you can increase your credit score and make yourself more attractive to banks and lending institutions.

Are you ready to get a home loan? Compare home loans for newlyweds and married couples now. Just enter your ZIP code above to compare affordable home loan rates for newlyweds and married couples.

How do we get a mortgage?

Wondering how to get a mortgage? You’re not alone. A lot of newlyweds and married couples don’t know how to go about getting a mortgage. Most people get pre-approved for a mortgage by their lender of choice when they are in the market to buy a home.

However, you don’t have to take the time to get pre-approved since you will have to get formal mortgage approval once you find a home you want to buy. Most people get pre-approved by a home lender so that their bids on a home seem more competitive to sellers.

Basically, once you have found a home, you need to submit a loan application to your lender.

This will include income tax returns, pay stubs, bank statements, details on your debts, and more. Your lending institution will help you submit all of the paperwork that they need to process your loan request.

They will review your application and get back to you with the final information including, how much money you are qualified to borrow, closing and other associated costs, and the interest rate for the loan.

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Will our credit score affect our ability to get a home loan?

Yes, you and your spouse’s credit scores will affect your ability to get an affordable home loan rate. Lenders offer lower mortgage rates to people with high credit scores. There is less risk associated with lending money to people with good credit.

This is something that newlyweds and married couples need to keep in mind. Both of your credit scores will impact the home loan that you receive from a lender.

How can newlyweds improve their credit score if they want to buy a home?

Sure, you can get a home loan with a credit score of 600, but your interest rate will be high, and you’ll likely get less money than you want. If you want to get a great mortgage, you need to clean up your credit score.

It can take months to improve your credit score, but the simplest way to improve your credit score is to pay your outstanding debts and make all of your debt payments on time.

Lenders will look at all debt that you have both as a couple and individually. This includes car loans, student loans, etc. They will compare your total combined debt with your total combined income.

If your debt outweighs your income, you likely won’t be able to qualify for a home loan.

Does it make more sense to buy a house alone?

Buying a house without your spouse can be more difficult. For one, there will only be one source of income considered by the lending institution. This will likely result in qualifying for a smaller mortgage.

However, it may make more sense to apply for a mortgage without your spouse if they have poor credit or a lot of debt. You should weigh your options together as a couple and speak with a financial advisor if one of you has a lot of debt, but you still want to buy a home.

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How much money should we save for a down payment?

If you’re trying to figure out how much money you need for a down payment, you’re likely finding a lot of different information on the Internet.

Traditionally, newlyweds and married couples make a downpayment of 10 to 20 percent of the home’s total value.

However, you can find lenders that will allow you to make smaller down payments at or below 5 percent of the home’s value. It is important to note that in most cases, the smaller your down payment, the higher your interest rate.

There are grants for married couples and other home-buying programs that can help couples buy a home. Check out the information provided by the Department of Housing and Urban Development for more information about the housing programs available in your area.

What other things should newlyweds keep in mind while shopping for a house?

Being a first-time homebuyer and a newlywed couple is exciting, but you have to remember to be patient. Finding the perfect home takes time. Work with a realtor, they can help you find the best newlywed house in your area.

Take your time and really understand what you want and need out of your home. The last thing you want to do is rush into a home purchase and buy a home you later realize is not a great fit for you.

If you’re ready to compare home loans for newlyweds and married couples, enter your ZIP code below.