What you should know if you are buying a house as a couple
Buying a home is a big decision for any couple, LGBTQ or not. What should couples know when buying a home together? How do you know if you’re both ready? How can you save tens of thousands – even hundreds of thousands – of dollars over time?
What couples should know when buying a home
In today’s episode of Queer money® we give you 5 tips for buying a house as a couple. First, we’ll explain how your credit score affects your home loan interest rate and provide you with insights into how you can improve your credit score if necessary. We’ll provide you with a list of questions to help you decide on your must-haves and set parameters to stay within your price range.
We’ll then discuss the benefits of reviewing your budget and how you can account for the additional costs associated with homeownership. Get advice on how to get an estimate from a lender, handle legal matters up front, and save for a down payment – to save BIG money in the long run!
Learn what you should know when buying a house with your boyfriend:
Topics related to buying a house together
1. Confirm your credit score and improve it if necessary
- The score influences the interest rate of a mortgage loan
- Boost with the credit repair checklist, Experian Boost
2. Decide on your must-haves
- Provides focus to stay within a price range
- Consider location, size, amenities and condition
3. Review your budget
- Additional costs of owning a home (e.g. property taxes)
- Allow 1-2% of the purchase price for maintenance/service
4. Obtain a good faith estimate from a lender
- It’s best to use a lender + broker who already work together
- A lender should ask about additional expenses
5. Handle legal matters in advance
- Create contracts (sole owner + beneficiary vs. co-tenant)
- A real estate agent can provide legal advice
Bonus Tip: Save 20% on deposit
- Eliminates the need for private mortgage insurance
- “Live like you’re already paying off the mortgage.”