Buying a home and getting a mortgage used to be something you did after getting married. Today, more and more singletons are purchasing properties with their friends, siblings, or unmarried partner. If you are thinking of buying your first property with a good friend or brother or sister, here are some things you should know.
The mortgage process is the same
There’s no difference between buying with a friend or sibling and buying in a couple. The mortgage provider doesn’t care if you’re married – they just want to ensure that you’ll pay the money back that you borrow. If you’re buying with just one friend or sibling, you’ll have the same choice of mortgages as couples. You’ll also be able to combine your deposit savings to get a far larger mortgage than you would by yourself.
Buying with more people
Generally, lenders prefer to handle applications from one or two applicants. Most will only take into account two incomes, even if other people will be living in the house or even listed as co-owners on the mortgage. If you’re determined to purchase a home with a group of friends or siblings, talk to a mortgage broker who can find you the best deal.
When you are looking to purchase a home, make sure you enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!