Are You Planning To Buy A Home Together?
Whether you are married or living together owning your own home is the dream, am I right? It is one of those things when we are in a committed relationship that most couples dream about. It is the natural progression in most relationships and owning a home is a symbol that you are in it for the long haul but there are really important facts you need to consider first:
Are You Ready?
Owning anything together is a huge responsibility and you really need to think about that. Mortgages can be up to 30 years in some cases and trust me, it isn’t easy to get out of. I can personally attest to this having been divorced. The very first thing you want to make sure of is that your relationship is solid. Owning a home should be treated with the same importance as having children.
Wants And Needs
Finding your home isn’t as simple as it might sound, especially as a couple. You are two different people and need to accept that you might not want the same things so before you start searching you should research and write a wants and needs list. You each write down your vision of the house you see yourself living in and negotiate, negotiate, negotiate. Work on this list until you come to a solid agreement you can live with.
The most important consideration when investing in a home is your finances. You have to plan what you can afford right now and later. Odds are your income will improve and grow over time but what about right now? You don’t want to dream too big and plant yourself in a hole. Write out a budget to figure out where a mortgage payment would work comfortably with your lifestyle.
Get your credit in shape! Your credit is perhaps the most important factor when buying property. Do everything you can to get your credit in shape as it will determine how much you pay and affect your loan tremendously.
Your Mortgage Options
There are options when getting a mortgage that will work for you. Research lenders to get your best possible deal. Loans also vary, I personally love the reverse home loan and in case you don’t know what it’s all about check out the paragraph below:
A reverse home loan is a method by which you can use the equity in your home to pay for medical bills, repairs, and other expenses. You can also request a reverse mortgage for almost any other reason you can think of. There are lots of reverse mortgage pros and cons, but one of the biggest pros is that you will not have to make immediate repayment of any kind. On the other hand, a con is that you may have to pay a lot of interest by the time you actually pay off the reverse loan. When you borrow in this manner you also need to know that your home may be sold if you have to move or you pass away before the loan is repaid. Your family members will not be obligated to pay the balance, but they cannot keep your home as an inheritance unless they do so.
In closing be sure to dream big when buying your first home as long as you keep your feet planted firmly on the ground. I hope these facts help you, happy hunting!