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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507 N Spur Drive Payson, AZ 85541

$1,135,000

3 Beds

3 Baths

3,106 SqFt

Status Active

MLS # 6726055

Property Type Single Family Residence

Price Type --

Unique custom home located on a heavily wooded 1 acre lot. Close to 100 large Ponderosa Pines, some 70ft tall, providing shade and seclusion. Main level living with a great room, kitchen, dining room, sunken sunroom, master bedroom and second bedroom. Main level living is mostly solid red oak flooring. Separate bedroom and family room area upstairs. Nice private covered decks. Property is completely fenced with chain link and wrought iron. Large 1000 sq ft workshop that has unlimited uses. It would be a great quilting space, woodworking shop or add water and sewer and have a great guest house. Greenhouse included. Several fruit trees and garden plots on the property. Fireplace in the Great Room and master bedroom. This is a one of a kind home in a great area!

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10491 E Meadowhill Drive Scottsdale, AZ 85255

$1,135,000

5 Beds

3.5 Baths

3,466 SqFt

Status Active

MLS # 6781668

Property Type Single Family Residence

Price Type --

This stunning home in gated McDowell Mountain Ranch offers elegance and privacy with 5 bedrooms, 3.5 baths, and no neighbors behind. The open floor plan features high ceilings, large windows, and a bright, airy feel. A chef's dream kitchen awaits, complete with stainless steel appliances, granite counters, and a spacious island. The home also boasts two A/C units, ample storage, and a beautiful backyard with a sparkling pool and covered patio for entertaining or relaxing. Ideally located near Arizona's best hiking and biking trails, this home is a rare blend of luxury and convenience.

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10455 E Sheena Drive Scottsdale, AZ 85255

$1,135,000

4 Beds

2 Baths

2,294 SqFt

Status Active Under Contract

MLS # 6776856

Property Type Single Family Residence

Price Type --

This stunning McDowell Mountain Ranch property offers a perfect blend of luxury and comfort, featuring 4 spacious bedrooms and 2 modern bathrooms. The open-concept floor plan is designed for both relaxation and entertaining, highlighted by a beautiful kitchen and inviting living areas filled with natural light. Step outside to your private backyard oasis, complete with sparkling pool and spa, barbeque, and fireplace perfect for enjoying the Arizona sunshine. Located in a desirable gated neighborhood, you'll have easy access to top-rated schools, shopping, dining, and outdoor activities. Don't miss the chance to make this exceptional home yours.

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5672 W Bruno Canyon Drive Prescott, AZ 86305

$1,129,000

3 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6758560

Property Type Single Family Residence

Price Type --

GOLF COURSE LIVING! Very unique location offering spectacular golf course views. 3 bedroom 2 bath home with spacious direct entry two car garage. Beautifully landscaped property with fully fenced in back yard is perfect for outdoor entertaining. Inside you'll find upgrades throughout including modern fixtures, premium finishes and upgraded appliances. Experience luxury living with this open floor plan that provides plenty of natural light. Don't miss the opportunity to own this stunning move-in ready home. Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, The Ranch House restaurant and bar, Coop's Coffee House, fitness center, bocce, pickle ball courts, tennis court, pool and dog park.

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12628 N 2nd Street Phoenix, AZ 85022

$1,129,000

4 Beds

3 Baths

3,164 SqFt

Status Active

MLS # 6688012

Property Type Single Family Residence

Price Type --

Mountains everywhere! This is it! One-of-a-kind huge lot backing to preserve! This amazing & updated home is very special! Owners remodeled & expanded the Family Room/Kitchen for an open concept! A true Gourmet kitchen w/the perfect Mega 12' Island! This property is an Entertainer's delight w/lots of indoor and outdoor spaces. 4 bedrooms & ensuite den for the perfect at home/work/zoom space. Huge Split Primary Ensuite. Bathroom w/spa features: Elegant shower & soaking tub w/jets and therapy bubbles! Formal living room as well for extra living space. True Arizona landscape w/natural desert, trees, garden, paths, ramada, firepit, patios, & space for a pool! Your own gate to the preserve! Lots of trails! Near Gold Key Racquet Club & Moon Valley CC nearby! Located in North Mountain area.

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22855 E Twilight Drive Queen Creek, AZ 85142

$1,129,000

4 Beds

3.5 Baths

3,796 SqFt

Status Active

MLS # 6752504

Property Type Single Family Residence

Price Type --

EXQUISITE LUXURY ESTATE! This coveted David Weekley Tranquility floorplan offers 3796 sq ft of single level luxury living that extends to a backyard retreat including a NEWLY built custom pool. This home offers 4 bedrooms plus den & hobby room, 3.5 baths & 3 car garage! Upon entry you will immediately sense the spaciousness & open concept floorplan with soaring ceilings, attention to detail, & custom lighting throughout. The designer kitchen offers 2 toned shaker cabinets that run floor to ceiling, quartz countertops, large island, & perfectly positioned butlers pantry. The primary retreat offers a large bath with a soaking tub, large walk in shower & 2 large walk-in closets with the laundry room conveniently attached! Every inch of this home is masterfully planned & beautifully designed!

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6429 E Eugie Terrace Scottsdale, AZ 85254

Open House

$1,129,000

3 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6781534

Property Type Single Family Residence

Price Type --

Top to bottom remodel in Scottsdale's most desirable zip code of 85254. Redesigned and renovated throughout with a gourmet kitchen, quartz counters with complimenting tile splash, shaker cabinetry, oversized island with a waterfall finish, complete stainless steel appliance package, and a full-length coffee bar. The master suite features a walk-in closet, custom bathroom with a walk-in shower, tile shower surrounds, & new dual vanity. Don't miss the big tickets items including new windows, spray foam insulation within the exterior walls and ceiling for increased energy efficiency, full length covered patio, fresh front & rear landscape, extended height block fencing for increased privacy, & RV gate for additional parking. Home is located near top-rated schools and extensive options for entertainment, restaurants, and shopping. Desert Ridge is 10 minutes north while Kierland & The Quarter are quick trip east. Close to the 51 and 101 freeways providing easy access throughout the Valley.

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4208 E Via Dona Road Cave Creek, AZ 85331

$1,126,595

3 Beds

3.5 Baths

3,050 SqFt

Status Active

MLS # 6745294

Property Type Single Family Residence

Price Type --

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9514 W Running Deer Trail Peoria, AZ 85383

$1,125,000

5 Beds

3.5 Baths

4,633 SqFt

Status Active

MLS # 6785640

Property Type Single Family Residence

Price Type --

'Welcome to your new home with 7 Car Garages ! This amazing 4600+ sq ft, 5-bedroom, 4-bath home is situated on a 1/3+ acre premium lot in the beautiful gated community of Pleasant Valley. The master bedroom is located downstairs, and there are 4 split bedrooms upstairs. The entry features travertine tile. The kitchen includes a spacious eat-in area, stainless steel appliances. Additionally, there is a formal dining area, family room, and living room. The master bath features a separate tub, shower, and a huge walk-in closet. There is also a game room/loft upstairs and 3 gas fireplaces. The resort-style rear yard boasts a Pebble Tec pool with a rock waterfall. The home has new interior and exterior paint and additional separate 4-car garage & an Office

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36382 N 35th Street Cave Creek, AZ 85331

$1,125,000

5 Beds

3 Baths

3,128 SqFt

Status Active

MLS # 6769458

Property Type Single Family Residence

Price Type --

Modern Rustic Custom Home sitting large on 1.5+ acre horse privileged lot surrounded by panoramic mountain views! Majestic beauty, western ambiance, privacy, & free from HOA! Meticulously maintained home through pride of ownership w/updates made each year. 4 bdrm, 3 bath, PLUS Office w/glass door entry, Game/Bonus room w/wet bar & French doors to cov'd patio, & Flex Room w/closet offering so many uses...as another bdrm, multi-gen living, rental, homeschool, fitness center... the choice is yours! Popular white cabinets in kitchen, granite c-tops, bar seating & eat-in nook. Formal dining room & cozy family room w/fireplace. Stunning resort-caliber lot w/Baja pool, manicured grassy area, gazebo, fencing, RV Gate & Parking, low maintenance landscape & land left over to add your toys & dreams! The oversized backyard has a grassy area, a lovely gazebo, a covered patio, mature trees, a storage shed, a fenced pool with a boulder waterfall, a built-in BBQ, and amazing sunset views. Plus, there is a dirt-fenced area and extra land space for all your animals to frolic in the field or gardening area. See it, love it, live it!

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4055 N Recker Road Unit 29 Mesa, AZ 85215

$1,125,000

4 Beds

3 Baths

3,190 SqFt

Status Active

MLS # 6776140

Property Type Single Family Residence

Price Type --

WELCOME HOME! This custom single-story home w/breathtaking mountain views, nestled in the exclusive gated community of Red Mountain Ranch's Country Club Estates. Crafted for those who value lifestyle, luxury, & stunning scenery, this 4-B, 3BA residence has it all for both relaxation & entertaining. Two of the spacious primary suites, each w/its own ensuite bathroom. All of the bedrooms have a walk-in closet. The open floor plan flows effortlessly, featuring a den perfect for a music room, a formal dining area, & a gourmet kitchen that blends seamlessly w/the welcoming family room. Outside, you'll find an entertainer's paradise, complete w/a built-in BBQ, putting green, sparkling pool, & lush lawn, all framed by scenic golf course & majestic mountain views.

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6525 E Cave Creek Road Unit 15 Cave Creek, AZ 85331

$1,125,000

2 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6783182

Property Type Single Family Residence

Price Type --

Designed by renowned modern architect Shawn Kaffer, Cave Creek now has it's first modern community, This home is constructed with an innovated method utilizing insulated concrete (GFRC) providing high R values not found in stick-built homes. Stay cool, and quiet and enjoy low energy bills. Luxurious Great Room and Kitchen with 14' to 17' ceilings, two master bedrooms and baths, large Den/Office and powder room. All commercial grade windows and doors with a 10' fiberglass door at the entry and 10' glass doors to the back patio. Enjoy all seasons on the sun and shade patio with built in BBQ island, gas firepit, and grassy sitting area under the trees. Surrounded by hiking and biking trails all within minutes of the home. Walk to some of the best restaurants in Cave Creek. Exterior walls and ceilings are constructed from high density foam and coated inside and out with GFRC for strength and rigidity. This method provides R values not found in stick-built homes. The walls are R-40 and the ceilings are R-60. This combined with Low E commercial glass windows and doors provides a very high energy efficient dwelling.

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