Buying a Home With Your Significant Other

Making the decision to buy a house with your significant other is one of the biggest decisions to make together other than marriage. It is important to make sure you have an in depth discussion about your money. Your mortgage lender will have to look into your credit history, which will reveal any information such as a low credit score or debt. There are three main things to look at when buying a home with your partner.

  • Check your credit. Both you and your partner should pay a small fee to get your credit score from all three of the credit reporting bureaus. You will be able to fix any mistakes that have been reported and build up the score if needed.
  • Talk about your budget. Make sure you both agree on the housing budget before buying a home. Mortgage lenders will qualify you for the maximum amount that you can borrow, but that does not necessarily mean that should be your budget. Make sure to think about everyday costs, such as utilities and food to make sure you do not end up with over your head.
  • Credit disconnect. If one person has bad credit, consider waiting a bit before buying a home. You could also get a loan under the name of the person with better credit.

Contact the mortgage experts at Avis Lending to help your start the home buying process. We are happy to help you.

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