Buying a new home is a huge step for any married couple. Not only will they be spending to make sure they have a roof over their heads; they will also put their money in a sound investment that could potentially earn them more money in the future. For unmarried couples, however, simply getting towards that step could prove to be more difficult, particularly in terms of finances. Here are four common home-buying Mistakes made by couples who wanted to buy a house before they tied (or without ever tying) the knot.

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Not Thinking Realistically

Two people who are romantically involved with each other may be so in love that they fail to see their relationship can go either one of two ways. The reality today is that partnerships—romantic or otherwise—also face a high likelihood of dissolution even if those involved are so confident in their compatibility with their significant other that they believe ‘happily ever after’ is inevitable, even if they decide against ever getting married. Careful consideration of the possibility of a break-up should be done by any unmarried couple prior to purchasing a house or any other property for use by both members. Doing so will spare them of any further problems later on, not the least of which is the huge financial and emotional burden of having to deal with the result of a choice they made during happier times.

Not Considering The Monthly Associated Expenses

Sure, you and your partner may have done the numbers and you are confident you are both earning enough to cover the mortgage payments. However, mortgage is just one of the things you shoulder when owning a house. Will you and your partner have enough money set aside for leaking pipes, flood damage restoration, or any other emergency expense? It would be a lot better for you to plan ahead for such events and end up not having to spend on fixing them than to encounter these problems unexpectedly and with an inadequate budget.

Not Seeking Professional Legal Help

A real estate broker might provide a good selection of homes in a specific area and a mortgage broker might help you and your partner land favourable rates among available lenders, but buying and owning a home involves a lot more. Specifically, there are some aspects of home ownership that have far-reaching legal implications, which is especially true in the case of partners who are not legal spouses. You should ask a lawyer for help in drafting a cohabitation agreement which outlines your and your partner’s rights and responsibilities with regard to the house you decide to buy. It will also serve as a guide on who pays for the mortgage, maintenance, and other associated items as well as how the property will be divided if you decide to part ways.

Putting The Mortgage Under One Name

In a relationship, wherein the partners are not legal spouses, it is possible for only one of the partners to have a good credit history. Couples who face this dilemma often commit the mistake of putting both their names on the deed but only the name of the creditworthy partner on the mortgage. The result is two people owning the same asset but only one person shouldering the liability. This could present problems for a couple applying for a home loan as banks are likely to consider them a lending liability even if just one of the partners has a stellar credit rating. To avoid the hassle, you and your partner should be aware of your combined credit score and work towards improving it before even setting your sights on the house that you want.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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