What Comes First: Mortgage or Marriage?
As the housing industry gets increasingly competitive more young couples are choosing to purchase a home before tying the knot. According to the National Association of Realtors, 25% of buyers are single. Traditionally the purchase of a home would come after marriage; however, millennials are realizing that it could be a smart financial move if the opportunity arises. Delaying marriage has allowed couples to buy larger homes as they have more money saved up for a down payment.
There is an element of risk when buying before marriage so it is very important to protect yourself with a cohabitation agreement and a property agreement. These documents should cover who pays for what as well as who owns the property. These documents will protect you and your significant other in case anything should go wrong in the relationship and decisions need to be made about the home.
It is understandable that a happy couple wouldn’t want to prepare for the worst, but spending a little extra money for an attorney could go a long way in this situation. Regardless if you plan on purchasing a home before or after marriage I would love to help you finance your first home together. Contact me today to get pre-approved so you can start the house hunt.