The Pros and Cons of a Getting Mortgage without Marriage

There was a time when a higher percentage of people were married before they committed to buying a home together, but it’s a lot more common to invest in a home together as friends, partners, roommates or just as an investment property for financial gain.

If you’re considering the commitment of a mortgage without being married, here are some things to be aware of before you start searching the market.

Relationship Status Won’t Affect Your Rates

It might seem like there are greater risks involved if individuals purchasing a property are not legally bound, but it actually makes no difference to the mortgage lender. If any number of people are buying a home together, the lender is going to be assessing their credibility based on their individual credit reports and financial history, not on their relationship to each other.  All the proof, as far as lenders are concerned, is in the numbers.

What’s Your Credit History?

Most people are aware of their credit history, whether they’ve had financial hiccups in the past or are still paying off a significant amount of debt. However, it is more difficult for some to know the financial background of their partners.  Because the lender will be looking at credit scores, if you or your partner(s) have had financial issues in the past, it can have an adverse impact on your application. While you may have a nearly perfect credit history, if your partner does not this can make mortgage approval more difficult.  If this is the case, even in a marriage, it may be better for the prospective buyer to obtain the mortgage without considering the other party on the application.  You may be eligible for better rates and terms when only you are on the application.

In The Event Of Conflict or Separation

Home ownership can involve significant hurdles after a divorce, but there will still be some legal and financial issues to wade through if you’ve never been married. Since it’s likely that you won’t want to continue to own property together, there’s the possibility that one party will have to buy the other out, which can be a sizeable financial burden. While this type of situation may never come to fruition, it’s important to be aware of what might occur so you can be prepared.

There can be a lot of complexities involved in investing in home ownership whether you’re married or not, but it’s important to have an awareness of your partner’s financial history, be prepared for financial hurdles and plan for an exit strategy if the partnership is no longer working.  Give me a call for more information – J.P. Cook – 602-320-4253.

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3703 N Wintergreen Way Avondale, AZ 85392

$455,000

4 Beds

2 Baths

2,223 SqFt

Status Active

MLS # 6648052

Property Type Single Family Residence

Price Type --

Explore this extraordinary find in Garden Lake Estates, with one of the largest lots in the community. The backyard, with an elongated covered patio, finished concrete work, elegant palm trees, and finished with rock, awaits your personal touch to make it truly yours. Step inside to an open and airy interior, highlighted by an upgraded kitchen with quartz countertops, a charming bay window, and brand-new stainless steel appliances. Freshly painted cabinets and a spacious kitchen island with a breakfast bar enhance the overall allure. The openness continues into the primary suite with vaulted ceilings, two spacious closets, separate bathtub and shower, dual sinks, private toilet room, and a garden-style tub for your relaxation. Don't miss this.

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2339 N Wind Drive Pinetop, AZ 85935

$455,000

3 Beds

2 Baths

1,790 SqFt

Status Active

MLS # 6653087

Property Type Townhouse

Price Type --

GREAT LOCATION in Pinetop Country Club. FURNISHED townhome tucked back overlooking the common area w/ tons of tall Ponderosa Pine trees. True pride of ownership in this 3 bed - 2 bath home. You are greeted with a entry that opens into a large great room, open concept, vaulted ceilings with bamboo accent, gas fireplace, huge kitchen with tons of cabinets & counterspace + stainless steel appliances. This home has a split bedroom floor plan. There is a large pantry w/ a lovely laundry room with wonderful space to work. The Master/Primary overlooks the tall pine trees with amazing privacy. The closet is huge and the bath has lots of space with 2 vanities. The 2 other bedrooms, one has a desk with a fold out couch plus a fold out twin bed. The deck is incredibly spacious - READ MORE Everything else in the home AND garage STAYS! This home boasts of beautiful high quality wood laminate floors throughout (NO carpet)! This cabin in the woods comes fully furnished. What you see when you view the home, is what you get. It is move in ready. Check out the cupboards for dishes, etc. The great room has a ceiling to floor stone gas fireplace. Beautiful window coverings throughout! The garage is oversized and there is also an extra parking spot. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

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1849 W 21st Avenue Apache Junction, AZ 85120

$455,000

3 Beds

2.5 Baths

1,885 SqFt

Status Active

MLS # 6671957

Property Type Single Family Residence

Price Type --

THIS GORGEOUS 3 BED 2.5 BATH HOME SITS IN THE GATED COMMUNITY OF BELLA CORONA, WITH THE MAJESTIC SUPERSTITION MOUNTAINS AS A BACKDROP. THE COMMUNITY OFFERS A SPARKLING POOL, BASKETBALL COURT, AND LUSH GREENBELTS . INSIDE, AN OPEN FLOOR PLAN SEAMLESSLY CONNECTS THE DINING AREA, KITCHEN, AND LIVING ROOM. THE STYLISH KITCHEN BOASTS A LARGE CENTER ISLAND, QUARTZ COUNTERTOPS, AMPLE CABINETRY, AND PENDANT LIGHTING. THE UPPER-LEVEL HOUSES ALL BEDROOMS AND LAUNDRY, INCLUDING A SPLIT MASTER WITH A SPACIOUS WALK-IN CLOSET , SUPER BATH, & PRIVATE BATHROOM. THE BACKYARD BOASTS A COVERED PATIO PERFECT FOR RELAXATION OR ENTERTAINING. THE GATED COMMUNITY, HEATED POOL, SPA, AND DOG PARK. Buyers & buyers agents are to verify all facts & figure ***5K SELLER CONTRIBUTIONS TO BUYERS CLOSING COST ***

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1102 W Glendale Avenue Phoenix, AZ 85021

$455,000

3 Beds

2.5 Baths

1,928 SqFt

Status Active

MLS # 6681045

Property Type Townhouse

Price Type --

Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown allure Immerse yourself in the vibrant energy of Uptown Phoenix with this charming townhome nestled in a gated community. Boasting 3 bedrooms, 2.5 baths, and vaulted ceilings in the living room, this home exudes spaciousness and style. Located right next to the community pool, relaxation and leisure are just steps away. Whether you're starting your homeownership journey or seeking an excellent rental opportunity, this townhome is the perfect fit. Enjoy the dynamic atmosphere of Uptown and North-Central Phoenix, where trendy eateries, boutique shops, and cultural attractions await your exploration. With quick access to highways, commuting is a breeze, ensuring you're never far from the excitement of the city. Don't miss out on this exceptional opportunity to own a piece of Uptown Phoenix's allure. Book a tour today and experience the unmatched charm of this delightful townhome.

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