Tips for Singles and Couples Searching for the Best Mortgage

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Mortgage shopping differs depending on whether you are single or part of a couple. Here are some things to keep in mind when trying to land a great rate.

As marriage realities have changed over the years, so have homebuyer statistics.

Three decades ago, for example, more than 80 percent of homebuyers were married. But as of 2016, that figure had dropped to 66 percent, the Consumer Financial Protection Bureau reports this Valentine’s Day.

One tenet of financially savvy homebuying remains the same, though — doing your homework. As the CFPB puts it:

“Whether you’re looking to buy a home by yourself or with someone else, it pays to do your homework, know what you’re getting into, and shop around for a mortgage.”

Still, mortgage shopping differs depending on whether you are a single, or part of a couple.

Singles

Mortgage shopping as a single person is arguably less complicated in that you have no other half to consider. There are key caveats for single homebuyers, though:

  • Know the rules regarding discrimination. By law, lenders cannot discriminate against you simply because you are unmarried. As the CFPB notes: “If you have enough money for a down payment, enough income to support the monthly payments, and if you meet the other eligibility criteria … then you can qualify for a mortgage as a single person.
  • Make sure your finances are in order after a divorce. Before shopping, make sure your finances are separated from those of your ex. One example the CFPB notes is that you should make sure the mortgage is paid off on any home you previously owned with a former spouse.

Single women seeking to improve their finances in general should also check out “The Single Woman’s Path to a Happy Retirement.”

Couples

Couples, whether married or not, also have key decisions to make before signing off on a mortgage:

  • Understand how your partner’s credit score affects you. Lenders generally use the credit score of the person with the lowest score when evaluating mortgage applications, according to the CFPB. If only one person applies for the mortgage, know that lenders generally won’t consider the other person’s income.
  • Consider getting a mortgage in one person’s name only. If you have great credit, and your partner has lousy credit — or vice-versa — it might make sense to have just one person apply for the mortgage. You’ll need to qualify based on your own credit and income. The CFPB notes that lenders are not allowed to discriminate against applicants because they are married but want to get a mortgage on their own.

If you’re in the market for a mortgage — whether on your own or with someone else — search for the best rates in our Solutions Center.

For more mortgage-shopping advice, check out:

What’s the one piece of mortgage advice you would give to others? Let us know below or on Facebook.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 8 Ways to Get Your FICO Score for Free

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,094 more deals!