So you’re playing with the idea of buying a home but aren’t sure about the timing of everything – planning a wedding, the actual event itself, getting pre-approved for a loan, looking at homes and so much more during this busy time.
In the midst of all that’s going on for you, it really is the best time to think about buying a home and here’s why:
Prior to the wedding, you are still seen by the bank as single individuals when it comes to getting a loan. That being said, there are some super loan programs geared towards buyers saving big dollars. When you get your lending done prior to getting married, you may be better able to qualify for these loan programs due to their income and debt restrictions.
Long story short, if one of you makes a ton of dough and the other is barely skating by, you may be able to qualify for a loan with a lower interest rate just using the lesser of the two incomes. Once you are married, both incomes come in to play and that can knock you out of some of the best loan programs out there!
Secondly, if one of you has pristine credit and well, the other, not so much, the lender doesn’t have to include both credit scores/information if you get approved prior to tying the knot.
And lastly, imagine how much available cash you will have each and every month if you qualify on only one of your incomes – you will be less likely to overspend your budget.
Give it some thought – this might be something you should consider!