Life events like getting married, getting divorced, having a baby, etc. impact our finances. Lenders might be wary of people applying for a loan during these times, although they usually coincide with wanting to buy a house. According to Mortgage Loan, if you find yourself going through a big life change, be ready to provide extra documentation on how your finances will continue to cover all payments due.
“We look at each customer based on factual data and credit score,” Ray Rodriguez, a bank regional sales manager told the website. “Whether they are married, not married, in a domestic partnership, engaged or single, that plays no role. We just want to make sure they can make their payments.” The key here is that the factual data changes depending on your personal situation. When you get married, your spouse’s credit history begins to impact yours. When you get divorced, your alimony payments drive up your DTI. However, if you suspect discrimination when applying for a mortgage, don’t hesitate to report it (via the Federal Trade Commission).