What Newlyweds Need to Know When Buying a House Together

Newlyweds.  What a blast, right?  You get to have a big party, see all of your friends and family, and at the end, take a nice, relaxing vacation with the person you’ve decided to spend the rest of your life with.  But where will you be doing that?  That’s the question for a lot of newly-married couples that are looking to buy a home for the first time together.  With the new year here, a lot of couples will get married and start their lives together this year.  Here’s what newlyweds need to know when buying a house together.

Get Some Credit

When you’re trying to impress someone you’re dating, you probably don’t bring up your credit score when you’re talking about yourself.  It’s not a common topic of conversation.  But it’s vital that you know your credit score and your spouse’s.  When you buy a home, our credit score is the most important factor in whether you get the home and how much home you can afford.

Make sure that you have a long discussion before you start shopping for a home.  Learn about your partner’s financial history and work accordingly.  Build your credit if need be, and fix mistakes in your credit history to help.

Think About the Future

You should plan ahead as much as you can when you buy your first home.  You want to get a loan that reflects your plans for the future.  If you plan on staying in this home forever, a 30-Year Fixed mortgage is the right call.  You can always refinance if your financial situation changes, and the lower monthly payment will help you manage your budget as you build a life and family.

What if you aren’t planning on staying?  If you want to move into a new home in the next few years for whatever reason, a 15-Year mortgage can help you earn more equity quickly, letting you afford more home when you sell and move.  People move for a variety of reasons, work, family, better school districts, better neighborhoods, bigger home, or whatever.  If you’re planning on that, keep your options open.

Who’s Watching the Kids?

So, you’re married.  If you’re planning on having kids, you have a lot of decisions to make.  Moving to a school district, staying near family and friends to help take care of the kids, moving into a bigger home down the road, adding rooms to your current home with a cash-out refinance, or even how many kids to have are all discussions to have.

Then there’s childcare.  If someone is staying home with the kids, you cut your money in half.  Make sure that you can still afford the home if you add in children to the equation.

Call The Home Loan Expert Team at 800-991-6494.  You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?


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