When something as big as a supreme court ruling happens on the national landscape, it can not be ignored by any element of the socio-economic fabric of American life.The Supreme Court ruled on Same Sex marriage June 26, 2015.

At Palm State Mortgage Company, we  knew that the social, financial, and political ramifications of the recent supreme court ruling  on same-sex marriage, was history in the making.

It will doubtless have vast effects on the mortgage and real estate industries, long-term and short-term, for many years to come.

The 21st century:  Re-defining the Family Unit

“The Court, in this decision, holds same-sex couples may exercise the fundamental right to marry in all states. It follows that the Court also must hold — and it now does hold — that there is no lawful  basis for a state to refuse to recognize a lawful same-sex marriage, performed in another state on the ground of its same-sex character.”  This is the mandate of the majority opinion in the affirmative vote of five justices to four.

Marriage in the Eyes of Mortgage Laws

Let’s take a look at a few of the changes we might soon see in mortgages in regard to this new Supreme Court ruling.freedom to marry is federal now

1.  An Obvious Supply and Demand:  More Loans, Please!

Bonnie Sinnock addressed the new development in her recent article for National Mortgage, online. She quoted an economics teacher, at San Diego State University, Shoshana Grossbard, stating the obvious: “In the short run, it will increase demand for loans because more couples are going to get married.”

2.  It’s a Fact of Life:  Couples Get Credit Easier!

It is well-known that married people find it easier to obtain mortgage credit than two singles.

3.  Increasing Re-Fi Numbers:  It could be that love and mortgages are better the second time around!  All kidding aside, the new Supreme Court mandate could increase re-financing almost as much as first time buying.

4.  It’s A New Day for V.A.! 

Federal agencies, like the Veteran’s Agency, have long honored the rights of same-sex marriage partners in states where such a marriage was legal, but not in states that did not consider it lawful.  With the new federal law, any veteran will now be permitted to list a same-sex spouse on a mortgage.

5.  Clearing Up Title Issues:  Did you know Mortgages are interstate commerce? When same-sex marriages were not considered legal in the eyes of all the states, it meant the laws could not be consistent. To put it simply, major inheritance issues could be provoked.  Now, with same-sex marriage being recognized throughout the country, the laws are more clear and consistent.

Now same-sex couples can be as certain as heterosexual couples, that a surviving significant other will inherent the couple’s home.  In our next blog we will be bringing you more news about married couples and dealing with mortgages.

The Owners and Staff of Palm State Mortgage Companywqishing you Happy July 4 from Palm State Mortgage in Orlando

wish you and your family a Happy Independence Day Week-end.

As we embrace  the upcoming fun, family friends–and traffic,

we simply hope you will stay safe on the high-ways.

Wear your sunscreen during day activities, and at night “play” safely by attending one of Orlando’s fabulous fireworks displays.

Let Freedom Ring!