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Is It Good To Buy Home Together

Buying a house with a partner before or after marriage is a big commitment with enormous financial implications. Couples usually decide to buy a house together when the things are progressing well in their relationship. When buying a home together, this presentation will help you learn few things that you need to consider for maintaining a smooth relationship when you have co-ownership of your home. Visit : https://www.drewmortgage.com/buying-home-together-before-marriage-or-after/

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Is It Good To Buy Home Together

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  1. Introduction Buying a home together before or after your wedding is always an exciting time for couples. However, there are commitments of buying a home together There are a few things to consider to maintain a smooth relationship when you have co-ownership of your home like : Being Practical No Assumptions Sign Arrangement Who Actually Owns the Property? 2

  2. Being Practical • Have an honest and practical conversation about your finances. • Discuss each other’s spending habits and credit score. • Put all the possible situations on the table. • No Assumptions • Avoid moving forward on the assumptions. • Have a fully thought-out plan for making the payments. • Don’t let possible problems go unaddressed.

  3. Sign Arrangement Sit down with your partner and decide how you will manage if things go twisted. Sign a no-nup, i.e. a cohabitation agreement. This makes it clear who owns what and how the joint assets will be allocated. Approach a good real estate lawyer to help you. 3

  4. Who Actually Owns the Property? Here’s a quick explanation of the different types of ownership for unmarried couples: • Joint Tenancy : In a joint tenancy, multiple owners share an equal stake in the home. • Tenants in Common : Each person on the deed owns a specified percentage of the home. • Sole Ownership : Just one partner’s name is on the title of the home. This type of ownership is used if one partner has poor credit or for tax purposes if one person’s income is significantly higher than the other’s.

  5. What’s Next? Now that you have an understanding of some of the issues involved in buying a home together and are ready to take that next big step with your partner, you may want to get expert advice from the experienced loan officers! Contact Drew Mortgage Associates to get started! 4

  6. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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