Talking About Taking Out a Loan Together

Your priest/pastor/rabbi/imam/judge was right when he said that a marriage is always a beginning. The beginning of the longest, slowest years of your life – full of…responsibilities *gasp*. But jokes aside, there are serious questions that newly-wed couples need to address if they want to survive the rest of their lives together.

One issue that almost never gets addressed is the need for a couple to agree how and when they apply for loans. The reason for this is that many people have already taken out a loan before they got married, and they can do it without much help. But, the thing with marriage is that it makes you live with this other person, and your money is theirs now too. So, it may not go over well when you don’t agree on how to spend those “shared assets”.

The first thing you should agree on is who you want to work with for each and every loan. Your spouse might have had a bad experience with a certain lender, or know people with much better payment terms. The best course of action here is to look for a lender with flexible programs that can accommodate different budgets and lifestyles.

This is a big part of a lender’s service and is commonly on the first page of their website – just like it is on, for example. This is not an easy service to offer, and only a select group of companies have the ability to pull it off. But, don’t go for the first lender you see with this ability, talk it over with your spouse and break out the calculator to see if what they have fits with what you need.

There are plenty more money questions that new couples need to iron out before they can even think that they have a shot at happily ever after. But, if they stay open to one another – especially with their finances – they’ll have an easier time.