Mortgage for Un-married Couples

If you are a couple and living together and yet you both are still legally single, can you own a home together? Is that even possible you might ask? Well, the answer is yes but you must be aware that if you think getting married is life altering and complicated then buying a home is just the same thing. There are so many things that you have to take into account and things that you will have to look into if you want to make sure that everything is play even if you two, god forbid, split up.

If you two end up as co-owners of one house, splitting up that co-ownership is likely to be messier and costlier then getting a divorce. Also, there is that matter of getting a mortgage. if you are an un-married couple and you want to apply for a mortgage, then you must know that it is the person who has the lower credit scoring who will endure the scrutiny.

First things first, this is not to discourage you form trying to own your very own house but you have to understand that without that legally binding marriage license, you will have so many more things to arrange. Such as who get the house if you two split when you are both paying for the mortgage? It is not very romantic but it is better if you two get the agreements in writing so that you have something to look at when you are both sick of each others faces. You will be saving yourselves a lot of trouble and plenty of grief when you do so. Another thing is the equity, if one partner is moving out, how much of the equity does he or she get? Exactly half of the home equity or merely the amount left after all the fees has been taken out?

Again, this is not very romantic and might take some of the buzz out of living together but a mortgage is never a joke and neither owns a house. It is very serious business and you will have to treat it as such.