Myths and truths about spousal mortgage loans

If you're not organized, it can be hard to live as a couple, plan a life together, and handle your finances together. But it's not impossible. There are now financial products like the joint mortgage loan or joint mortgage credit that can help us save money to reach our goals and even build a legacy.

Remember that buying a home is a great way to build wealth, and there's no better way to do that than with the person you love the most. If one of your goals as a couple is to buy a house, you should know everything there is to know about mortgages. To help, we'll bust some myths about this topic.

False: It is not possible to pool credits from different institutes

There is a plan in place where lenders work together to help their married beneficiaries get the money they need to buy a new or used home, depending on how each institution works.

True: The amount granted is higher than the amount provided on an individual basis

Because the bank looks at both your income and the income of your partner to decide how much they can lend you, the amount is usually higher than what you could get on your own.

Keep in mind that the maximum amount of credit you can get depends on the rules of the institute you're giving to or the financial institution that grants it to you, as well as, to a large extent, how much money you have in your housing subaccounts.

False: A marriage certificate is not required to apply for this type of loan

To apply for a conjugal mortgage loan, both of the people who will be getting the money must be married and have a marriage certificate to prove it. They must also be getting help from the institutes and have paid for both for more than 18 months.

True: Bank reviews both of your credit histories to obtain a mortgage loan as a couple

Since this is a financial product that requires both parties to provide paperwork, it's important to keep in mind that if either of them has problems with the credit bureau, they should clear it up before applying, since it could affect the process.

False: If one of the partners dies, the debt is forgiven

Even though the death of a loved one is always hard to deal with, the person left behind doesn't have to have to worry about money because of it. For Infonavit loans, including loans between spouses, there is an individual life insurance policy that covers a portion of the debt if one of the co-borrowers dies. But this isn't true for all loans of this type; it's best to check with the financial institution that gives you the loan to see what the terms are.

False: The expenses related to the appraisal of the property and the deed are higher when it is a joint product

This cost depends on how much the property is worth, not on the type of financial product. As a couple, it's important to think about and plan for these kinds of costs. It's best to have 10% of the property's value for appraisal and deed.

Getting a mortgage loan is a long-term debt, so you and your partner should talk about it a lot. Before you sign, look at all the options on the market, check out the performance of the institution that most interests you, and ask any questions you may have.