Seek Legal Advice
Ask your mortgage broker to refer you to an experienced real estate attorney who can help you plan for taking care of all financial aspects related to buying, owning and maintaining a home. It's a good idea to get everything on paper - from recurring mortgage payments and insurance, to the down payment, maintenance and any potential repairs. No one likes to think about a relationship ending, but it's a reality you have to consider, especially when you don't have the same legal protections that married couples have, like marital and community property. Protect yourself early on.
Speak Openly About Finances
Money is one of the leading causes of divorce -- and you're not even married yet. Talk freely about financial problems that could affect your loan, issues like poor credit history, bankruptcy and existing debt. Keep in mind that unmarried couples are assessed as singles, so if there's a problem with one person's financial history, it could significantly complicate matters.
Open a Joint Account
While you don't have to merge all of your finances, you may want to consider opening a secondary checking account to cover the mortgage, insurance, tax payments and home repairs. Set it up so a certain amount of money is automatically deposited every month that will cover the mortgage, plus a little more to cover any unexpected expenses that might come up.
Marriage and family has changed a lot in the past 25 years. So has home buying. Leave it to the experts - independent mortgage brokers - to help you through the buying process and, ultimately, put you on your path to happily ever after.
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