A lot of couples admit they are an example of opposites attracting.
So when these couples decide to buy a home together, their differences can certainly pose a challenge. Buying a home is exciting but the process can also be stressful. It is the biggest purchase most people will ever make and there will almost certainly be some conflict when two people need to make such an important decision together.
Once a couple understands the house-hunting process, however, they can have informed discussions, make some compromises and ease some of the stress. Here are
some items to discuss before starting to house-hunt.
The skeletons in the closet: When a couple takes out a mortgage together, both of their credit ratings, incomes, and other factors are taken into account. If one person’s credit rating is less than ideal, it can affect their joint mortgage application and even the interest rate or type of mortgage they’ll qualify for together. Couples should have an open and honest discussion about finances to decide on their best course of action.
The expectations: Before they even look at a listing, couples should decide together on their price range based on what they can afford and what features they’re looking for in a home. The homebuying process may move quickly and both parties need to be ready to jump in with both feet when they start searching. Working
with a mortgage broker to get pre-approved, is the best way to know the ideal price range.
The mortgage: The decisions don’t end with choosing the right neighbourhood and home features. Deciding on the right mortgage is just as important as choosing the right home. Since a mortgage becomes as much a part of a couple’s life as their new home, it’s important that both are comfortable with the mortgage term, interest rate, repayment schedule and other features.
For more information to help you prepare for the house-hunt or if you have any questions about the home buying process, please contact me.
Guy Ward is a Mortgage Broker in Calgary, Alberta with TMG (The Mortgage Group Alberta).