Whether you’re a newlywed or in the middle of preparing for married life, there’s a critical chapter in your life you’re looking forward to when all the festivities are over – homeownership. Of course, when it comes to something as big as purchasing a home, financially, you would want to get off on the right foot.
Many people have given you advice on this area as soon as you’ve finalised your wedding plans. The most common suggestion would be that it’s a lot better to purchase your own home or land for sale here in Whittlesea, Victoria as soon as you can instead of wasting away your money paying rent for a house that won’t ever be yours.
As the basis for long-term wealth-building, people understand how big of an investment a house is. So, when you feel like the market is ripe, you have all the documents to support your financial standing, and you’ve found the right real estate agent, is it really time to take the plunge and make that huge decision?
Not so fast, you need to consider these
Experts believe that couples should not purchase their first homes right after they return from their honeymoon or even way before the day they exchange vows.
A lot of modern-day couples would want to experience living together with their partners before tying the knot to get a feel of the experience. In this case, as commitment looms, is it truly smarter to forgo renting altogether and purchase a house or land right away? There are several factors that couples should take into consideration and discuss thoroughly before making a big decision.
You and your partner’s credit scores could be a factor
If both of you plan to purchase a property before getting married, your finances will be assessed individually. Securing a loan is going to be less challenging if both of you have excellent credit. However, if one has poor credit standing, it’s more ideal to buy a house after getting married.
This will increase your chances of getting a loan approved. When you’re finally married, the person with better credit standing can apply for the loan as an individual.
Your student loans could also matter
Outstanding student loan debts are the biggest challenges many young couples face in terms of homeownership. The amount of money you owe will be reflected in your credit score, and this, of course, will be a determining factor whether or not your loan application will be approved.
Even the interest rates will be affected, too. So, depending on your current financial status, it may be better to manage all your student loan debt first, then all the wedding expenses, before looking into purchasing a home.
Finally, here’s one thing that not many couples know. Because mortgage rates are a huge part of the whole home-buying process, you’d want to get the best rate available. But, whether you’re married or nor will not affect those numbers in any way.
Unless there will be changes in your credit scores, your marriage status won’t make any difference on the loan amount you’ll be qualified for as well as the interest rates.
