New Life New Loan: Responsible Refinancing

Congratulations! You just got married

Congratulations! You just got married. This is such a joyous time in your life. You got through the weddingthank God! And, you relaxed on your blissful honeymoonperfection! Now you are home and ready to start your new life together. Just as you are thinking about how to change your house to accommodate your new partner they throw a monkey wrench into the equationthey want to be on the mortgage. Uh oh, what do you do?

So you did the responsible thing of buying a house prior to marriage. Good work! You knew it was smarter to acquire more assets than throwing money out the window by renting. And, some people may have been even more responsible and paid a few extra mortgage payments a year to shorten the length of their loan. Pat yourself on the back if you are one of those people. Job well done!

But, now how do you do the responsible thing again? Of course you want to include your new spouse in major financial decisions, such as your mortgage; but then again, you dont want to make an emotional decision that will destroy you financially in the years to come. And just because youll still be in wedded bliss fifty years down the line, make the wrong financial decision now and you may not be in home bliss.

You have to look at many different factors such as what is your spouses credit like, does your spouse own a home too, would your spouse be a first time home buyer if you wanted to buy a larger house in the future, does your spouses job have (first time or not first time) home buyer programs, how much lower is the interest rate you would be refinancing to and how much will the closing costs be, to name a few. Remember that when you add a spouse to a mortgage, they then become responsible for some of the debt, and the lender will look upon them as such. And though it may not be the most romantic thing to think about, you should too.

You should think about these questions and many more before you go into the bank to even discuss refinancing. Discuss it with your spouse and if you come to the conclusion that they are not in a good position to take on debt, or would be unable to, remember that you can still put them on the title or the deed of the home, without having to change your mortgage. So you can still both feel as though its your home, although only your name would appear on the mortgage.

That being said, rates are at such low levels refinancing may be the right option for you now. The marriage may be the perfect excuse to refinance. And if your spouses credit history and financial standing is in good order, it might make sense to put them on the mortgage and refinance to get a better deal. And, what more can you ask for: lower monthly payments and a happy spouse?

by: Suzzans

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