When two people marry and decide to join their assets to acquire a home, they have the option of acquiring a conjugal mortgage loan. Do you know what other elements they must share to apply for this credit?
Apart from the documentation requested from each of the spouses, it is very important that both have a good credit history.
What are the advantages that couples have to access this credit?
According to the analysts of several financial institutions, the advantages include:
- Couples have the most access to mortgage loans. This is due to the fact that when the spouses request financing they join their credit capacity, as well as the possibility of exceeding the initial installment.
- By joining both salaries, they can access higher credits and in less time. However, they must take into account that both must present a good credit history. To receive a joint credit, it is mandatory that no one has a deficit in their accounts.
- Most financial institutions, when it comes to family loans, offer a range of special loans provided with favorable conditions and broad benefits for couples.
What happens to the conjugal mortgage loan once the union is dissolved?
In case of divorce or death of one of the spouses, the following may happen:
The unpaid installments of the mortgage loan, like the goods, must be distributed. As in any company of property, the assets are constituted by the assets acquired during the marriage as well as the debts incurred
If one of them wants to keep the house and they reach an agreement
A document must be signed. This agreement establishes the rules or procedures to follow, who keeps the property and who is going to make the payments.
Another possibility within a spousal mortgage loan is that one of the spouses dies, being in this case different because there is a lien release insurance that deals with the payment of the debt.