Buying A Southern Maryland Home As A Newly Married Couple

Kimberly Bean
Published on June 2, 2016

Buying A Southern Maryland Home As A Newly Married Couple

The home-buying struggles of unmarried couples are well known. What most people don’t realize is that the process is not always straight forward to married couples, either. Buying a house is one of the first things many newlyweds look forward to doing together.

But before you start searching through Southern Maryland home listings, take the time to sit down as ask each other these important home-buying questions.

What is your financial history and credit rating?

You’ve talked about everything since you began your relationship – music, travel, and everything in between. Now is the time to have a serious conversation about your finances and credit scores.

Have you already discussed finances? Some couples have already talked about them, while others avoid it like the plague. It’s a conversation you need to have because if one person’s credit score is significantly lower than his or her partner’s, that could affect your chances as a couple of securing a mortgage or getting a good interest rate on a loan.

Talk about your credit scores and current and past finances before you meet with a mortgage lender. You’ll be able to work on repairing any credit problem before you apply for a mortgage. You can get your score free once a year through the three top credit check agencies.

Where do you want to live now – and where do you want to live in the future?

Are you searching for the Southern Maryland home you’ll raise a family in, or do you want a starter home to live in until you have kids? Your goals will impact the type of property and mortgage that is most suitable for you. If you plan to stay in a property for a long time, a fixed rate, 30-year mortgage may be best for you because it ensures that your interest and monthly payments will be consistent throughout the life of your loan.

But if you plan on moving again in a reasonably short amount of time, a fixed rate mortgage may not be the best option for you. An adjustable rate mortgage may be better for your situation because it offers a lower interest rate for a preliminary length of time, possibly up to seven years. After that initial time period has passed, the interest rate can fluctuate up or down based on market indexes.

Will one of you stay home with the kids?

Starting a family may seem long off, but if one of you is planning to stay home with the children – or drop to working part-time – your finances are going to be impacted. Even if you both continue to work, children will impact your family’s finances. Follow this rule as you plan: Don’t have mortgage expenses that account for more than 30 percent of your take-home income.

It’s important to remember that you might be making mortgage payments on this home for up to 30 years, so you need to consider not only your current income, but your anticipated future income as well.

What happens to the property if your marriage breaks up?

We’re not trying to be downers because you’re a happily married pair of lovebirds right now, but you should discuss what happens if your marriage ends, either through death or divorce. In either unfortunate instance, you need to know how to separate your assets.

You have several home ownership options when you buy Southern Maryland property as a married couple. The most common type is joint tenancy. Each partner holds an equal share in the property. If one of you dies, that person’s share is automatically passed on to the surviving spouse.

Another option is tenancy in common, which might be more suitable because of its transferable interest in the property. If one person is contributing more to the down payment or paying a majority of the mortgage payments, he or she can protect their investment in the event of divorce.

Hughesville MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309

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