Instead of expensive weddings and exotic honeymoons, couples today are instead choosing to use their money to buy a home. In fact, about one out of every four couples that bought a home together last year, did so before they were married. Here are some things to consider when thinking of buying a home with your fiancé or partner.
3 Tips for Buying a Home as An Unmarried Couple
- Talk About Your Finances-Before you even consider buying a home with your partner, it is crucial to talk candidly about your finances, credit score, and debt owed. If there is anything they may prohibit a home loan, now is the time to address it.
- Get a Home-Buying Prenup-Prepare a partnership agreement to address the financial issues of the mortgage, including how it will be paid and the procedure to follow if you break up or sell the house. This will prevent costly mediation and headaches in the future.
- Know Your Ownership Options-Typically, unmarried couples have three options for the title of their home. They can both be listed as joint tenants, one person can be the sole owner, or they can be tenants in common. Determine which best suits your needs before buying a home with your partner.
Whether you are ready to buy a home or are just looking for information to take the next step, our mortgage specialists at Midland Mortgage are here to help. Drop us a line here via our online contact form today to learn more about how we can help you get pre-qualified for a home loan, so you can start looking for the house of your dreams!