Newlywed Home buying 101

Published on September 2nd, 2016

 

Are you someone that has just gotten engaged or are newly married? If so, Congratulations, everyone here at vLoan wishes you a happy and prosperous marriage! Now that you are married, it is time to move out of that cramped apartment and into a space that you can both comfortably call your own. If you are unsure on how to even start the home buying process, no worries; vLoan is going to give you some key information to keep in mind while searching for your new home!

The Process

Prepare

Before you even begin to look at a house check your credit, look over your current finances and decide on an appropriate budget for the both of you. There are many resources around the web that can provide you a free credit report and help you budget your money. Get a free rate quote to estimate what your monthly payment could look like.

Research Loan Options

Educate yourselves on how mortgages work and which loan option would be the best fit for you both. You can start your home loan product search by clicking here and looking through the different loan products we offer. Still not sure? Watch this quick video to learn more.

Look into Loan Offers

Once you have done your research on which loan will be the best fit for you, contact one of our mortgage advisors to get your home loan estimate today or get the process rolling early with a free rate quote so that you can compare your options.

Get Ready to Close

When you have decided on the right mortgage option and home for you, be sure to have all of the documents ready for one of our mortgage advisors so that we can get your home ready to close! Your mortgage advisor will provide you with the information you need during the closing process.

Are you a Veteran?

If you are a veteran, first off, thank you for your service. When going over your loan options, keep in mind that you could be eligible for the VA home loan! Only one borrower has to be a veteran as long as you and your co-borrower are married. Non-married persons or family members are not eligible to be on the loan.

Some Tips to Remember:

  • We recommend that the first step for buying any home is to get pre-qualified.
  • Whether you are married or not, you have the right to co- apply as a couple or apply on your own
  • If one of you have a poor credit score, it may be wise to only put the mortgage in the strong credit holder’s name.
  • Married and unmarried co-borrowers are always evaluated by the same loan standards.

 

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