Steps to Buying a House for Newlyweds | Mortgage | Chase – Chase News & Stories

April 5, 2022 By admin

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Getting married is an exciting time filled with moments you’ll always remember. It’s also the start of many important decisions you’ll make as a couple. For many, the next big step is homeownership. Deciding when and where to buy is important, but there are many things to consider during your homebuying journey.
Your first home purchase can be a lot of fun, and it’s the first major financial decision you’ll make together. While it’s common for married couples to share financial responsibilities, there are some situations where buying a home under one name makes more sense.
Buying a home as a couple means you can use both of your incomes when applying for a mortgage. However, it also means that both credit scores, as well as the amount of debt each person has, is also included. As a single borrower, you only need to depend on your income, your personal financial history and your credit score.
While there are many factors that may be included in a mortgage application, lenders place a high value on the following:
Yes, but there are benefits and drawbacks to this decision. It’s important to consider that getting a mortgage without your spouse may mean that only your name will be on the note to the property. Talk to your lender about options for including your spouse’s name on the title or deed.
While it’s common for married couples to combine financial responsibilities, it might make more sense to only have one spouse’s name on your mortgage. For instance, if you have excellent credit but your spouse has poor credit, you may be eligible for a mortgage alone, but not with your spouse as a co-borrower. It’s important for married couples to weigh the benefits against the risks when considering a joint or one-owner mortgage.
In some states, your spouse may need to sign the mortgage even if they’re not on the title to the property.
When buying a home as a married couple , understanding is required on both sides. After all, it’s common for spouses to have radically different financial histories and spending habits. Depending on your personal situation, there are benefits to both joint and individual mortgages.
Not surprisingly, many newlywed couples don’t know everything about their spouse’s financial history. One spouse could be in a great position to qualify for a mortgage while the other isn’t. Luckily, they can purchase a home they’ll live in together.
Buying your first home together is exciting. However, it’s important to carefully choose a mortgage that meets your needs both now as well as in the future. These steps can help you get the mortgage that works best for you.
Newlyweds often know a lot about each other, but finances may not have been a topic thoroughly discussed . Before you visit a lender or fall in love with a home, it’s important to understand your financial standing as a couple. Learn these facts before attempting to buy a home.
Now that you have a clear view of your financial health, a Home Lending Advisor can help you explore your options for joint and one-owner mortgages. They may also be able to share mortgage options you weren’t previously aware of before purchasing a home.
If you’re ready to shop for a home, getting prequalified will help you narrow down your choices. Prequalification shows sellers you’re serious about buying a home. It also helps you determine how much you can afford, so you won’t waste time looking at homes outside your budget.
If you’re planning to buy a home that you’ll live in for the foreseeable future, a fixed-rate mortgage is usually your best option. However, some couples have plans to upsize or move to a different area within a few years. If you’re planning to move in the near future, you may find that an adjustable-rate mortgage is a better option.
Taking the time to understand your finances and what goes in to purchasing your first home can make a big difference. Speak with a Home Lending Advisor and learn more about your options for buying a home as newlyweds.
Prequalifying can save every homebuyer a lot of time and show a seller you're in a financial position to purchase a home.
If you dream of owning a house but can’t afford the down payment needed to get a home loan, you’ll be happy to know there are state and local assistance programs to help make homeownership a reality for you. A large number of grants and loans are available to help cover down payments and closing costs for first-time homebuyers across the country. Learn more about them as you take your first steps in the exciting journey to homeownership.
Buying a home for the first time is a new experiences. Read our top 10 first-time home-buyer tips to help guide you through the process.
These articles are for educational purposes only and provide general mortgage information. Products, services, processes and lending criteria described in these articles may differ from those available through JPMorgan Chase Bank N.A. or any of its affiliates. For more information on available products and services, and to discuss your options, please contact a Chase Home Lending Advisor.
We offer a variety of mortgages for buying a new home or refinancing your existing one. New to homebuying? Our Learning Center provides easy-to-use mortgage calculators, educational articles and more. And from applying for a loan to managing your mortgage, Chase MyHome has everything you need.
Whether you’re determining how much house you can afford, estimating your monthly payment with our mortgage calculator or looking to prequalify for a mortgage, we can help you at any part of the home buying process. See our current mortgage rates, low down payment options, and jumbo mortgage loans.
Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase. Use our home value estimator to estimate the current value of your home. See our current refinance rates and compare refinance options.
Our affordable lending options, including FHA loans and VA loans, help make homeownership possible. Check out our affordability calculator, and look for homebuyer grants in your area. Visit our mortgage education center for helpful tips and information. And from applying for a loan to managing your mortgage, Chase MyHome has you covered.
Go to Chase mortgage services to manage your account. Make a mortgage payment, get info on your escrow, submit an insurance claim, request a payoff quote or sign in to your account. Go to Chase home equity services to manage your home equity account.
Chase Bank serves nearly half of U.S. households with a broad range of products. To learn more, visit the Banking Education Center. For questions or concerns, please contact Chase customer service or let us know at Chase complaints and feedback.

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