Wedding Tips

Is It Necessary to Buy a House Before Getting Married?

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Being in a committed relationship often leads to marriage, but not all. If you and your partner are considering getting married, there might be things you want to prepare for first. One of the most common things most couples discuss even before getting married is buying a house. While many live together while not yet married, buying a home together is an entirely different thing.

There are many things you need to consider before deciding on purchasing one. If you are sure about your commitment and you have already started to have joint assets, then it is the right decision to buy your home before marriage. However, you need to be clear on your agreements. Some couples even have legal agreements about joint properties in case they do not end up together. On the other hand, if you are hesitating, then it might be better to purchase on your own, so there will be no stress when you do not end up together. With the question, there is no right and wrong answer since every couple is unique on their own but if you decide on buying a house before getting married, here are some considerations you and your partner might want to discuss first, especially if you will be sharing payments.

The Down Payment

Your down payment is one of the crucial things you need to prepare. It affects the life of your loan and your life too for many years. If possible, develop and put down as much down payment as you can. It is ideal for making at least 20 percent for a down payment, so you do not have to pay for mortgage insurance too.

Additionally, when you pay more for a down payment, you will have lesser balance. And with that, the amount they will capitalize will be less which means lower monthly payments. You need to seriously consider this to ensure that your monthly mortgage is affordable. Remember, your expenses might go up once you get married and have kids.

Government Assistance Program

You can check for the city of Houston down payment assistance program for different aids offered by various government agencies for first-time home buyers. It can help you a lot on your down payment especially if you are struggling to produce it. Furthermore, when you go through a government agency, you can get better terms so you will not have a difficult time with your payments.

Search for the Right Lender

Yes, it is a fact that there are many different lenders, but you need to be wise with your choices. Do not get tempted by their offers. Instead, be rational in choosing one. Remember, the lender with the lowest interest is not always the one with the best investment. There are different types of interest, and one with a lower interest rate may charge you more at the end rather than one with a higher interest rate. So, practice caution, get to know the type of interest, the interest rate and the total amount you will have to pay in the end. From there, you can make your decision.

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