The road to forever is paved with shared incomes, mutual decisions, joint finances and yes, your first mortgage as a married individual. If you’re newly married and planning to get your first mortgage, here are some tips you need to read first.
- Don’t get one if you’re in debt. There’s no easy way to say this: if you’re broke, don’t get a mortgage. Seriously, lenders check your credit scores before they approve your loan applications. If you have bad credit scores, work on them first and develop a good credit habit before you pile on more responsibilities. It
- Work on your resume. Loan eligibility is also dependent if you can prove your solid work history. Simply put, lenders need to know if you can pay off your loans if they approve your application.
- Watch your spending habits. If you already have an existing mortgage application, try not to buy anything using your credit card while it is still pending. Unless, of course, if you have good credit score and history. But for good measure, stick to cash.
- Do your research. Mortgage rates vary per area, county and state. If you are eyeing a property Ogden, Utah, Wasatchpeaks.com says to check the mortgage rates first and compare it with other areas before applying for a loan. This way, you can decide if you can pay it off in the next few years or not.
- Keep safe or risk high. If you intend to live in a property for the next 5 years, a fixed rate of 30 years is often the safest route. But there are also other, more risky mortgage options you can check out. These are often beneficial to home buyers who have more than just one or two sources of income and who can pay off loans in bigger chunks. You can research on these online or talk to a mortgage agent and see which option can work best for you.
These tips can help newly married couples prevent long-term mortgage mistakes that many people often end up with. Like marriage, love isn’t enough a reason to jump off a cliff. You need to do your research before diving head first into bigger, longer responsibilities.