Title: Is It Good To Buy Home Together
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2 Introduction
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- Buying a home together before or after your
wedding is always an exciting time for couples.
However, there are commitments of buying a home
together - There are a few things to consider to maintain a
smooth relationship when you have co-ownership of
your home like - Being Practical
- No Assumptions
- Sign Arrangement
- Who Actually Owns the Property?
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- Being Practical
- Have an honest and practical conversation about
your finances. - Discuss each others spending habits and credit
score. - Put all the possible situations on the table.
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- No Assumptions
- Avoid moving forward on the assumptions.
- Have a fully thought-out plan for making the
payments. - Dont let possible problems go unaddressed.
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- Sign Arrangement
- Sit down with your partner and decide how you
will manage if things go twisted. - Sign a no-nup, i.e. a cohabitation agreement.
- This makes it clear who owns what and how the
joint assets will be allocated. - Approach a good real estate lawyer to help you.
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- Who Actually Owns the Property?
- Heres a quick explanation of the different types
of ownership for unmarried couples - Joint Tenancy
- In a joint tenancy, multiple owners
share an equal stake in the home. - Tenants in Common
- Each person on the deed owns a specified
percentage of the home. - Sole Ownership
- Just one partners name is on the title of the
home. This type of ownership is used if one
partner has poor credit or for tax purposes if
one persons income is significantly higher than
the others.
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- Whats Next?
- Now that you have an understanding of some of the
issues involved in buying a home together and are
ready to take that next big step with your
partner, you may want to get expert advice from
the experienced loan officers! - Contact Drew Mortgage Associates to get started!
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7DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone (617) 523-3060
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