What to know when you’re buying a home as a duo

Buying a home is a big decision for any couple, LGBTQ or otherwise. What should couples know when buying a home together? How do you know if you’re both ready? How can you save tens of thousands – even hundreds of thousands – of dollars over time?

What couples should know when buying a home

On today’s episode of Queer Money®, we’re sharing 5 tips for buying a home as a couple. We start by explaining how your credit scores impact the interest rate on your home loan and offering insight on how to improve your scores if necessary. We provide a list of questions to help you decide on your must-haves and set parameters to stay within your price range.

We go on to discuss the value in reviewing your budget, addressing how to factor in the additional expenses associated with homeownership. Listen in for advice on getting an estimate from a lender, handling legal matters up front, and saving for a down payment—to save A LOT of money in the long run!

Hear what to know when buying a home with your beau:

Topics about when buying a home together

1. Confirm credit scores and improve if necessary

• Score impacts interest rate on a mortgage loan
• Raise with Credit Repair Checklist, Experian Boost

2. Decide on your must-haves

• Provides focus to stay within a price range
• Consider location, size, amenities + condition

3. Review your budget

• Additional expenses of owning home (e.g.: real estate taxes)
• Factor in 1—2% of the purchase price for maintenance/upkeep

4. Get a good faith estimate from a lender

• Best to use lender + agent who already works together
• A lender should ask about other expenses

5. Handle legal matters upfront

• Draw up contracts (sole owner + beneficiary vs. joint tenants)
• A real estate agent can refer a legal advisor

Bonus Tip — Save up 20% down payment

• Eliminates the need for private mortgage insurance
• ‘Live as if already making mortgage payment’

Look at your entire financial picture. Buying a home is just one slice — maybe a very large slice — but it’s one slice of your entire financial picture. - John Schneider of Debt Free GuysClick To Tweet

Resources when buying a home

• Mindy Jensen on Queer Money® EP059
• Credit Card Pay Off Course
• Queer Money® Facebook Group
• Subscribe on iTunes
• Email media@debtfreeguys