• Search Homes
    • My Account
    • Contact Me

Homes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer MallardHomes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer Mallard

Gennifer Mallard
Realtor, Real Estate Broker

Find Your Dream Home...

(615) 473-5973 Direct
(615) 371-1544 Office
  • Menu
  • Home
  • Search
    • Address Search
    • Advanced Search
    • Easy Search
    • Condos & Townhouses Search
    • Rental Search
    • Hot Property Alerts
    • Map Search
    • Listing ID
    • My Account
  • Featured
  • Communities
    • Brentwood
    • Franklin
    • Nashville
    • Nolensville
    • Spring Hill
    • Thompson’s Station
  • Buy
    • Getting Ready to Buy
    • Mortgage Calculator
    • Moving Checklist
  • Sell
    • Selling Your Home
    • Steps to Selling
    • Marketing Your Home
    • What’s Your Home Worth
    • Sell Your Home Faster
  • Area info & Maps
    • Schools
  • About
    • Client Reviews
    • Featured
  • Blog
  • Contact

Should Couples Apply for Home Financing Together?

Should Couples Apply for Home Financing Together in Middle Tennessee - Middle Tennessee Real Estate ListingsMost of us need to apply for financing when we purchase homes. Unless you’re one of the fortunate few who can buy a house with what’s in your bank account today, you will, too. Some people, including married couples, are better off applying for financing in just one name.

In some cases, it’s a clear-cut decision. One partner has lower-than-average or bad credit, while the other has a great score and enough income to satisfy the lender.

Other times, though, it’s not so cut-and-dry.

Should Couples Apply for Home Financing Together?

When you’re trying to determine who should apply for home financing, you need to know that lenders generally consider:

  • The lowest “middle” credit score between you. Let’s say the three credit bureaus report an 800, an 810 and an 820 for you; they report a 650, a 660 and a 670 for your partner. The lender is going to use the lower of the two “middle” credit scores, which is 660, when they determine whether you qualify.
  • Your combined debt-to-income ratio. While it often makes sense to use your partner’s income to lower your own debt-to-income ratio, remember that lenders will also consider his or her debts. Even though your partner may contribute quite a bit to the total income you’re reporting to the lender, if he or she has a high debt-to-income ratio, you might be better off flying solo.

Other things that you need to consider include the interest rates lenders are willing to give you and whether you and your spouse will have equal rights to the property under Tennessee law.

What Lenders Want to See

When lenders evaluate your creditworthiness, what they’re really looking for is an answer to their biggest question: Will this person repay the loan?

Generally, your monthly mortgage payment (including the principal, interest, taxes and insurance) shouldn’t be higher than 28 percent of your gross monthly income. The easiest way to figure out your housing expense ratio is to multiply your monthly salary by 0.28. You can also multiply your annual salary by 0.28 and divide it by 12 to figure out how high your payments can be if you’re approved for a mortgage.

For some people, the best choice is a joint mortgage application. Because everyone’s situation is unique, it’s important that you take a good, hard look at your financial situation and be honest with yourselves about applying for a home loan.

Need a Realtor®?

Whether you’re looking for a brand-new, custom-built home in beautiful Franklin or you want to escape busy city life in rural Thompson’s Station, I can help.

Call me at 615-473-5973 or contact Mallard Property online. I’d love to help you find the perfect space for your needs.

Posted in: Blog, Franklin, Real Estate, Thompson's Station

Smart Search

Did you know the hottest homes for sale in Brentwood often sell within days of being listed? Don’t miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

New Property Alerts

As local Brentwood Real Estate Agents we also have access to homes before they hit the market and can show you more homes and information that are only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact us at your convenience. There is no obligation and or pressure… we hope to hear from you!

Post navigation

« How to Find the Perfect Neighborhood
Condos vs. Single-Family Residences in Franklin »

Quick Property Search

Advanced Search Map Search

Talk To Gennifer Now!

Have a question? Give me a call at (615)473-5973, or you can click my photo for more options to call or email and I will contact you right away.

Featured Properties

2025 Cabell Dr $659,900

2025 Cabell Dr Franklin, Tennessee

4 Beds 4 Baths 2,825 Sq Ft 0.160 Acres

2013 McAvoy Drive $659,900

2013 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

392 Dewar Drive $657,815

392 Dewar Drive Franklin, Tennessee

5 Beds 4 Baths 4,100 Sq Ft 0.250 Acres

302 Liebler Ln $655,250

302 Liebler Ln Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

2011 McAvoy Drive $654,900

2011 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

3019 Halenwool Circle Lot 122 $654,432

3019 Halenwool Circle Lot 122 Franklin, Tennessee

4 Beds 3 Baths 2,566 Sq Ft 0.420 Acres

226 Moray Ct $652,308

226 Moray Ct Franklin, Tennessee

4 Beds 3 Baths 2,910 Sq Ft 0.110 Acres

3008 Halenwool Circle Lot 56 $652,253

3008 Halenwool Circle Lot 56 Franklin, Tennessee

3 Beds 3 Baths 2,790 Sq Ft 0.350 Acres

915 Glass St $650,000

915 Glass St Franklin, Tennessee

3 Beds 3 Baths 2,496 Sq Ft 0.170 Acres

404 Logans Cir $649,900

404 Logans Cir Franklin, Tennessee

6 Beds 4 Baths 4,056 Sq Ft 0.270 Acres

417 Briksbury Dr $649,900

417 Briksbury Dr Franklin, Tennessee

3 Beds 3 Baths 3,007 Sq Ft 1.220 Acres

134 Barlow Dr $649,900

134 Barlow Dr Franklin, Tennessee

4 Beds 4 Baths 3,269 Sq Ft 0.230 Acres

122 Riverwood Dr $649,000

122 Riverwood Dr Franklin, Tennessee

4 Beds 3 Baths 3,008 Sq Ft 0.260 Acres

418 Dewar Drive $645,600

418 Dewar Drive Franklin, Tennessee

4 Beds 4 Baths 3,070 Sq Ft Acres

398 Dewar Dr $645,100

398 Dewar Dr Franklin, Tennessee

4 Beds 3 Baths 2,930 Sq Ft 0.240 Acres

Follow Gennifer

Contact Us Now!

Benchmark Realty, LLC

Gennifer Mallard, Realtor

615-473-5973 Direct

615-371-1544 Office

GenniferMallard@gmail.com

Benchmark Realty, LLC
318 Seaboard Lane, Suite 112
Franklin, TN 37067
License #00292590
Company License #259153

Greater Nashville Communities

  • Arrington
  • Brentwood
  • College Grove
  • Franklin
  • Nashville
  • Nolensville
  • Spring Hill
  • Thompson Station

Search Smarter!

My Property Manager

It’s FREE and makes managing your home search easy like Sunday morning!

 

Find Out Now!

Connect

© 2021 · Gennifer Mallard · 615-473-5973 · Sitemap · IDX Sitemap · IDX XML Sitemap · Franklin TN Homes for Sale
Disclaimer - All Rights Reserved by Benchmark Realty, LLC, Gennifer Mallard, Realtor, Real Estate Broker

Licensed in Tennessee | Franklin TN Homes & Real Estate

AREAS WE COVER: Franklin, Brentwood, Nashville, Nolensville & Spring Hill

Log in · Real Estate Website by Real Estate Websites by YourSiteNeedsMe.com