Since being approved for a mortgage is one of the first steps toward actually purchasing a home, it stands to reason that people regularly think of ways to improve their chances. Hopefully, you wouldn’t run out and get married just to have a better chance at mortgage approval, but many people wonder if marriage boosts their chances.
Here is some information for you to consider:

It Depends on the Circumstances

No one likes to look for specific information just to be told, “It depends,” but that’s the general answer to this question. For both partners to be on the mortgage, you must apply together and both of your information is considered.

That means if your spouse has a poor credit score, your mortgage approval chances won’t be improved. In fact, the partner with the lower credit score could affect the good credit of the other spouse. Even if both credit scores are intact, if one spouse has a much higher debt load than the other, that can factor into the decision.

If, on the other hand your spouse has a high income but a reasonable debt load, the chances of being approved would increase. Two incomes are certainly better than one, and if there are no negatives dragging them down, a lender will love the fact there is more coming in each month.

Of course, if your spouse makes decent money but has a long history of jumping from job to job, a lender may sense some instability and become apprehensive. As you can see, it really does depend on the circumstances.

Do You Need Both?

Luckily, if the situation doesn’t seem like it’s going to work out, you don’t have to include your spouse on the mortgage application. Keep in mind, whether or not you are approved will depend completely on one income, but if you or your partner earn enough money, it is possible.

And this is where mortgage pre-approval helps a lot. You aren’t penalized in any way for seeking pre-approval, so take advantage of it if you aren’t sure. Go through the process with both of your information and you’ll find out if there is an issue.

There is nothing more frustrating when buying a home than to go through the motions, get excited and then get denied for the mortgage. Your chances of approval may be great if you’re married, but find out before you start shopping around for houses.