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Profile picture for wait natalie

Should we both apply or should my fiance apply alone?

I currently own a property and rent it out.  We both live in an apartment and are looking to buy.  Is it smart to only have him apply for a better interest rate or can we both apply?  I'm not sure if having a second property will affect our interest rate or not.
  • July 27 2014 - US
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Answers (2)

Credit scores and debt ratios are the two main loan considerations. If one, or the other holds all, or most of, the down payment funds, that could also matter. Assuming you are both fully qualified, alone, there is no big bonus for combining the applicants. Nor is there necessarily a penalty because you already own a house, that you don't live in. If you ever want to refi that house, then there will be pricing differences.
  • July 27 2014
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Profile picture for wetdawgs
Pull together all your financials (for both of you) and go visit a lender.   Randomly guessing could possibly lead you astray, and putting all your private info on a public board is likely to make you a bit uncomfortable.

IF you buy a property together without the benefit of a legally recognized partnership, make sure you sit down and negotiate responsibilities and what happens if you split.  Then, go see a lawyer and get the agreements in a document that the lawyers will recognize as valid - not on the back on a napkin. 
  • July 27 2014
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