With the development of the times, more and more couples choose to take out a joint mortgage to buy a house. So the question arises, when the couple applies for a mortgage together. Who should be the "primary lender"?
I. What is the primary lender?
The primary lender is the person who is the subject of the loan at the time of application, that is, the main person responsible for the loan. In addition, there is a sub-lender as a co-lender, for couples, even if only one spouse's name is on the property deed, the other spouse can also be a co-lender of the home loan.
II. Why should I choose a primary lender?
Because it will be directly related to the future repayment of the loan. One person will be chosen to be primarily responsible for both credit and loan repayment, and this responsibility will be borne by the primary lender. At that time, the mortgage will be deducted from the savings card of the primary lender.
III. How to determine the primary lender?
① Look at the income level
When choosing a primary lender, you can choose the one who has a higher income. Many banks require that the monthly loan repayment should not exceed half of the borrower's monthly income when reviewing a home loan. Therefore, it is generally easier for the bank to approve the loan if you choose the one with higher and stable income as the primary lender during the interview.
② Depends on the age
Most domestic banks set the age limit for personal loans at 18 years of age or older. The age of the primary lender plus the maximum age of 30 years for residential loans cannot exceed 65 years for men and 60 years for women. If the loan is taken out when the husband is over 35 years old and the wife is over 30 years old may result in problems such as short loan life and large loan repayments arising. So when determining the primary lender, it is best to choose the younger party to be the primary lender.
③ Look at the good or bad credit
When banks check credit, they mainly check the main lender. If the main lender has credit problems, then the bank may not accept the loan application. Therefore, when choosing a primary lender, try to choose the one with good credit as the primary lender.
④ Look at the job situation
Banks can get a lot of information through a person's job position, such as: the stability of the job, the level of education, etc. So to some extent, there are occupations that are easier to get loans. If one of them is working in a state-owned enterprise or institution, it is generally easier to apply for a loan and will be approved faster.
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