Marriage of Love and Money: Bridal Home Loan Registry

Couples getting married these days are older, and many have already been living together and own basic housewares like silverware and plates. What they don’t have is enough money to make a down payment on a home.

Recently, Anaheim-based mortgage lender National Pacific/Old Kent Mortgage announced it would be one of the first in California to allow brides-to-be to set up bridal registry accounts. The new feature allows family and friends of the bride and groom to contribute money to a separate trust account that the couple can use for a down payment on a home.

“Instead of buying you a toaster, people can take their $20 and apply it to a down payment on a house,” said Mark Ciarrocchi, loan officer for the program.

Couples could accumulate thousands of dollars to put down on a house, he said. The biggest problem is convincing people that asking for money instead of gifts isn’t crass or rude.

Registrants must prequalify for an FHA home loan, although they can use any lender they like and withdraw the money without penalty.

Although no clients have signed up yet, Ciarrocchi is hitting the bridal fair circuit and expects the program to generate over $5 million in loan business this year.

*

Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at melinda.fulmer@latimes.com