When a Couple Buys a House Together, who is Better to Choose as the Primary Lender for the Loan?

Many couples are mortgaged together to buy a house, this time will be set one person as the primary lender, the other is the participant lender, generally speaking, many people will choose the male best, the fact is not true.

What exactly is the most reasonable way to choose a primary lender?

Why do we need a co-participant? The main reason is to expand the amount of the loan, the couple go together to apply for a home loan, you can increase the loan to buy a house loan amount. The bank's requirement is that the flow of water should cover two times the monthly payment. By participating in the loan with two spouses, you can increase the flow of water and increase the loan amount.

How to determine the main lender?

① The main lender should be the one who has a higher and more stable income, so that the loan amount can be higher.

② The primary lender should choose the younger spouse for a longer loan term.

③ The main lender should choose the one of the couple with better credit situation, if the credit is bad, it may affect the bank to approve the loan. However, it should be reminded that even if the primary lender has good credit, problems with the credit of the co-payor may affect the approval.

What are the common misconceptions about the primary lender?

① Myth 1: The mortgage is borne by the primary lender alone

The house is bought before or after marriage, as long as the participant is involved in repaying the loan, the house has a share of the tragic lender. So not about how, even for the sake of the couple and beauty, the couple should still try to repay the loan together. It is important to note that for couples, even if only one of the names on the real estate license, the other party can be a co-lender on the home loan, which means that the other party is eligible to participate in the loan repayment, regardless of whether or not the name is on the house book.

In the future, if you ask the other party to help repay the loan, the other party to the house does not belong to his (her) name on the house as an excuse, you can so refute him (her).

Myth 2: The primary lender holds most of the home equity

If you buy a house before marriage, whether the house is divided equally or by shares, in fact, can be agreed in the purchase contract, not the main lender must have the majority of the house property rights.

And if you buy a house after marriage, then is not the main lender, are not related to the share of the property, the house is the common property of the couple, will be equally distributed property rights.

Myth 3: Not the main lender, divorce does not have to pay the mortgage

If you buy a house after marriage, then the mortgage is the common debt of both spouses, so whether or not you are the "primary lender", whether or not you have jointly applied for a housing loan, both spouses have the obligation to repay the loan.

Finally, I hope you can get rid of the misconceptions and work together as a couple to buy the house you like!