Home Buying Tips for the Newly Engaged

A marriage proposal is an exciting step to take in a relationship that changes many aspects of your life – a renewed commitment, new in-laws, and perhaps even a new house!

If you and your partner are in the market to search for a new home, there are a few things to keep in mind before you begin. Navigating finances together presents a unique set of challenges in your relationship, but it can be easy to tackle if both parties remain open and honest throughout. Planning your big day may be stressful, but discussing finances and searching for a new home to start your new life in shouldn’t be.

Enjoy the happiness of starting your life together and let us simplify the steps to your home purchase with four of our top home buying tips for newly engaged couples:

Communicate, Communicate, Communicate

Our first home buying tip for newly engaged couples is to communicate! You’re about to commit to an entire life with this person. An honest discussion about finances is an important starting point.

Some topics to cover include credit history, current debt balances and payments, budget expectations, whether you will maintain separate or joint bank accounts, and future plans regarding family, career, and retirement goals. Being open with each other about your finances – good and bad – will only make the home buying process smoother.

[Five Tips for First-Time Homebuyers]

Discuss the Home Buying Plan

When beginning the home buying process, it’s important to make sure you and your partner are discussing the right things. This ensures you’re on the same page throughout the journey. Consider your current housing expenses and what a comfortable new payment would be. Does just one of you or do both of you want to take out the home loan?

Discuss the timeline of when you’d like to be moved in, whether that’s before or after tying the knot. While you’re in this planning stage, one of our local Loan Officers would be happy to educate you on the home buying process and what to expect.

Get Pre-approved 

Now that you’ve discussed the basics about home buying with each other, it’s time to get pre-approved! You can apply online in as little as 20 minutes. Getting your free pre-approval will tell you what purchase price you qualify for, what a monthly payment looks like, and more.

Understanding things like down payment options and closing costs will enable you to budget for a wedding, honeymoon, and other upcoming expenses. Find out more about the pre-approval process here.

Save, Don’t Splurge

Saving for the costs of a wedding should be a priority, especially if you’re in the market for a new home. If you splurge on pricey goods and services, you’re more likely to rack up debt and the hefty monthly payments that go along with it. Furthermore, increasing debt can hurt credit scores and hinder loan qualification – ask a local loan officer to learn more about how your debt-to-income ratio affects your ability to get a home loan.

Avoid potential mortgage approval problems by saving wisely, splurging only on the most important things and keeping your finances in order leading up to the big day and beyond. By saving, you’ll have more opportunities during the home buying process to achieve what you really want out of a new home and marriage!

Get Excited

Even in the midst of the whirlwind that is wedding planning, embarking on the home buying process is more than possible- and exciting! With honest communication, smart money management, and guidance from local mortgage professionals, you can celebrate your engagement and find the home of your dreams. Now, isn’t that worth celebrating? Cheers to you!