Marriage is a big step, and so is buying your first home together! When you’re just coming together as a family, the journey toward home financing may seem like a long, winding road of confusion. And if you’ve got wedding planning on your mind, the last thing you need now is more stress! Rest assured that Quicken Loans is here to make it easier!
How Can Marriage Affect Your Finances?
Confused when to start? Whether you’ve decided to make the big move before or after your “I Dos,” Quicken Loans is here to guide you in the right direction!
You might want to consider waiting until after your wedding to begin financing the down payment on your new place. Why? Your close family and friends may be able to contribute to a bridal-style gift registry that goes toward a down payment on your home.
Why buy before the marriage? It might be more convenient to have the down payment and closing costs well out of the way prior to the lofty prices of ceremonies, receptions, and honeymoons. A word of warning: some states require a married couple’s name to be on a community property title.
What Home Loan Options May Be Helpful During This Time?
When you’re just starting out together, tackling a home purchase can seem as serious as the words “’Til Death Do Us Part!” If you two have found the perfect home and are considering living in it for the long haul, our Home Loan Experts have great options for you!
30-Year Fixed-Rate Loan
With a 30-year fixed rate, payments are low and steady, leaving you with that peace-of-mind feeling that there won’t be any surprises hitting your budget as you’re starting out! It’s a great option if you’re looking for features such as:
- Opportunity to purchase a primary home with as little as 5% down
- Loan amounts ranging from $25,000 to $2,000,000
What do you get when you add an easier qualification process to government-backed security? It’s the FHA Loan, and it’s a flexible and trusted equation that can add up to savings! With your FHA Loan, you’ll get features such as:
- 30-, 25-, 20-, and 15-year fixed-rate terms
- Qualification for credit scores as low as 580
- Ability to refinance up to 97.75% of your primary home’s value
- Option to purchase a primary home with as little as 3.5% down
We’ve got super rate-saving options for first-time home buying veterans too! Apart from the no down payment guarantee that saves you money up front, VA loans are available with the following options:
- 30-, 20-, and 15-year fixed-rate loans
- Jumbo VA loans up to $1,094,625 ($1,500,000 in Alaska and Hawaii)
- No monthly PMI (Private Mortgage Insurance)
- Opportunity to buy your home with no money down!
If you’re looking to refinance but stay the course with your loan’s term, consider our YOURgage. Our most revolutionary and flexible home loan option, it’s customizable to your terms, whether it’s a 27-year or 19-year mortgage!