If you are recently married and consolidating households, you might wonder about refinancing the old mortgage as a couple. There are benefits to refinancing the mortgage one of you had prior to getting married. Here is what you need to know about refinancing the old mortgage as a couple.

There are many financial advantages to marriage. Assuming that both individuals are employed you will significantly improve your income, credit, and debt-to-income ratio. This is true assuming both partners have a income and decent credit, or one individual has a better credit rating than the existing mortgage holder.

In order to refinance your mortgage as a couple you will have to transfer the title from one name to both names. This can be done when closing on the new mortgage; however, you need to weigh the tax and legal ramifications. When you refinance your home in both names you will be co-owners of the home. You may want to consult an attorney on the legal ramifications of combining the mortgage under both names in your state.

When you refinance the old mortgage it is important to do you homework and shop around for the best mortgage offer. Qualifying for a better interest rate because of your combined income will save you money and lower your monthly payment. To learn more about your mortgage options, including how to save money and avoid common mistakes, register for a free mortgage guidebook.