Now that you've gotten married, you could be thinking about applying for a loan while you're settling into your new life. Even if you've applied for loans before without any problems, you'll want to know these things when applying for your first loan after tying the knot.
1. Make Sure You Discuss and Budget It With Your New Spouse
You might be used to going out and applying for loans without having to ask or answer to anyone. However, you may want to think twice about doing this now that you're married. Your spouse can be affected by you taking out a loan since it can affect the household budget. This means that before you go out and apply for a loan on your own, you may want to sit down and talk to your spouse about it. Then, the two of you can work out a budget together to make sure that you can keep up with your loan payments without putting your finances in a bind.
2. Provide All of Your Old Information
When filling out a loan application, you might just be used to filling in your name and your current address. If you've just gotten married, though, some things might have changed. You might have a new last name, for example. You might also be living at a different residence than you did before you got married.
None of these things should be a problem, but you'll generally need to share both your old and new information on a loan application, particularly shortly after you get married. Many companies will run a credit report or will otherwise want to verify your information, and your new information might not come up just yet. Providing your old information makes it easier for a possible lender to check your credit information and verify your identity.
3. Consider the Pros and Cons of Applying with Your New Spouse
You may want to think about applying for a loan with your new spouse. Just be sure to fully weigh the pros and cons before you do. If your spouse has a good credit score or has a higher income than you do, he or she could help you get qualified. If the opposite is true, though, you could find yourself paying a higher interest rate if you apply together. Talking over your individual financial situations can help you determine how to move forward when applying for your first post-marriage loan.