Mortgages And Marriage: Three Ways To Determine If Your New Marriage Is Ready For A New Mortgage

Love, marriage, then a white picket fence tend to be things that some couples want. One part of the dream that you may want to hold out on is the white picket fence. There are a number of reasons for and against acquiring your own home as newlyweds. The reasons can be more than financial, especially for a new marriage. Here is a three-step litmus test to determine if you and your new spouse are ready for a new mortgage. 

The finances are already combined

If you are just moving in together and have not had much experience with a joint checking account, it may be difficult to figure out everyone's spending habits and monthly budget. However, if you and your spouse have lived together for some time and are smoothly operating joint finances, you may be ready for a mortgage. Since taking on a home is a hefty charge, you will need to be sure that you have the cash and responsibility to care for the house. 

You have savings after the wedding

It is common for some couples to spend more than they thought for the wedding of their dreams. This often means checking accounts that are overdrawn and credit cards that are completely full. If you and your new spouse actually have money stocked away after the wedding, a new home may be easy for you to handle. Being able to keep your wedding costs under control and sock away cash even while spending on a big event means that you have the money tenacity that it takes to easily afford paying a home loan. 

You agree on the budget, home type, and neighborhood

Every marriage should start off on the right foot. This means peace, harmony, and no arguing. Purchasing a home tends to make people discover their differences. Each person may have their own idea of what the perfect home is, from budget to design and neighborhood. If you and your spouse are able to agree on what your perfect range is for the house, budget, and neighborhood, you are ready to call a realtor and seek out a home loan. Be sure to have a long discussion on what you expect from a house and what you are willing to take on as a home loan. Being on one wavelength will mean less fuss when it comes to finding a white picket fence to call your own.