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Updated almost 5 years ago on . Most recent reply

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35
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Dillon Francis
  • New to Real Estate
  • Portland, OR
5
Votes |
35
Posts

First Time Getting Pre-Approved

Dillon Francis
  • New to Real Estate
  • Portland, OR
Posted

Hey BP members. My girlfriend and I would like to purchase our first property to house-hack within the next 6 months. I would like to get pre-approved ahead of time, so that I know how much I am qualified to borrow. This will help me establish a more accurate budget, as well as be more prepared for when I do find the right deal.

My questions are: how does the pre-approval process work if you have a significant other who plans to go in half with you on the mortgage? Do you have to be married in order to use both of your incomes to qualify for a higher amount to be borrowed?

My lender hasn't responded to my questions about this yet, so I figured I would reach out to you guys. Any advice is appreciated!

Most Popular Reply

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2,966
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2,433
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Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
  • Investor
  • Youngstown, OH
2,433
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2,966
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Nicole Heasley Beitenman
#5 Medium-Term Rentals Contributor
  • Investor
  • Youngstown, OH
Replied

Banks do loan to unmarried couples, but, from what I've seen, they tend to treat them as two individuals rather than one unit. If one has bad credit, it will affect the approval amount and interest rate more than if you were married. I HIGHLY recommend the two of you create a contract to determine what happens if you split up. 

  • Nicole Heasley Beitenman
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