If you’re recently married, you’re probably going through all of the steps: moving in together, combining your checking and savings accounts, changing your address with the government, changing your name at the DMV, putting away all of those awesome gifts, and recovering from an awesome honeymoon.
Many couples like to get their lives started fresh with a new home. We want to help you get prepared for a long life together by giving you some advice on buying your first home, and doing it right.
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. Remember, FHA loans will help you move into your new home with a 3.5% down payment, instead of the 20% of a conventional loan.
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.
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.
Congratulations on the wedding. Now for the fun part. Call The Home Loan Expert, Ryan Kelley and take advantage of lower mortgage rates to buy it and save money. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?