Dreaming of Buying a Home with Your Partner? Start Here!
Buying a home together is an exciting milestone, but before you dive into house hunting, there’s one crucial step: getting mortgage-ready as a team. Let’s break it down so you can approach the process with confidence and clarity.
Why Preparation Matters
Applying for a mortgage isn’t just about love—it’s about strategy, preparation, and being on the same page financially. Lenders will evaluate both of you, so it’s essential to have your financial ducks in a row. Here’s what you need to know:
1. Employment History: Show Stability
First and foremost, lenders want to see stability. Ideally, both of you should have at least two years of consistent employment in the same field. If one of you has recently changed jobs, don’t worry—just be prepared to explain the reason.
2. Credit Scores: Aim High Together
Here’s the thing: lenders will look at both credit scores. To qualify for the best rates, aim for a score of 680 or higher. If your score needs work, now’s the time to pay down balances and avoid new credit applications.
3. Income & Assets: Combine Your Financial Power
Your combined income and assets play a huge role in your mortgage application. Lenders will look at your gross income, including bonuses, commissions, and even rental income if you have it. They’ll also want to see proof of assets like savings, investments, or gifts from family.
4. Debt Obligations: Keep Your Ratio in Check
Shared or individual debts can make or break your debt-to-income ratio. To improve your chances of approval, keep your total debt payments (including your potential mortgage) below 44% of your gross income.
Why This Checklist Matters
Being prepared doesn’t just save time—it can also save you money in the long run. By addressing these key areas, you’ll streamline the application process and position yourselves as strong candidates for approval.
Ready to Take the Next Step?
If you’re ready to turn your homeownership dreams into reality, let’s chat! Book a call with me today, and together, we’ll create a roadmap tailored to your unique financial situation. 🏠✨
