Buying A Home With Your BF Or GF Might Just Be A Smart Move In Texas
Traditionally, couples would wait to tie the knot before deciding they’d purchase a property together. These days, it has been found out that around 25% of serious couples now consider buying a home even before marriage.
When it comes to real estate and its laws, they rule in favor of married couples. However, this doesn’t mean that unmarried couples don’t have legal rights – they do, but they have to perform certain legal steps. If you’re thinking of buying a residential property with your partner, here are some things that you should always remember:
You Get To Qualify For Better Loans
The lender, whether it be a third party lender or a bank, will take into consideration not just one person’s credit score – but they will look into both applicants separately. This means that there are higher chances that you could both get a larger loan amount, as compared if you’ll be applying for a loan individually.
Expenses Are Split Into Two
This is one of the best things about this – you split your expenses into two. This means that you get to save a couple of bucks here and there, making it easier to save money for your future. This could also be beneficial when we’re talking about your down payment since you don’t have to shoulder everything by yourself.
The Risks of Buying A Texas Home Together
If there are benefits, there could also be a couple of downsides when buying a home if you still aren’t married, and some of these are:
- The Possibility Of A Breakup
Of course, no one wants to think that they would be breaking up. However, a simple mistake and some misunderstandings can make things a little bit complicated. This is why it is important that you have a legal agreement prior to buying a home to make things less complicated.
- Could Damage Your Credit Score
During the application process, your name and your partner’s name will also be listed in the mortgage forms and the title as well. Your credit will then rely on your partner’s actions such as them forgetting to make a payment. If you two break up and your ex-partner stops paying, then both of your credit scores will be affected.
- How To Protect Your Investment
While we’re saying that there’s nothing wrong with buying a home with your boyfriend or girlfriend, there are steps that you can take on your own to make sure that your investment is protected. There’s no denying that this is a great way for you to save money for your future, and there’s no perfect time to start investing in the home of your dreams. However, this decision can also damage your finances just in case the relationship goes south.
With that being said, always seek legal help and talk with an attorney for a legal agreement before you start the purchasing process. You should have at least a contract that outlines how the homeownership works, what happens if the relationship turns sour, or if one of the partners dies. This is the first and the most important step that you shouldn’t skip if you’re planning to buy a house with your boyfriend or girlfriend.
Apply For A Home Loan From Mortgage Lending Texas
When applying for a home loan, it is important that you go with the right company that consists of a team of experienced and reliable mortgage professionals within Texas. Mortgage Lending Texas not only has this team of experienced professionals, but they are committed to making sure that they provide their clients with services that will put their interests first before anything else. Not only that you’ll get multiple loan programs available, but they also offer the lowest rates within San Antonio, The Woodlands, Spring, Tomball, Austin, Dallas, and Houston, TX. Our team of impeccable mortgage professionals who’ve been working with us for years will make sure that they will personally handle your case and meet with you in person to make sure that you’ll get the home loan that is well-suited for your needs.