The Pros and Cons of a Getting Mortgage without Marriage

The Pros and Cons of 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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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995
4 Beds
3 Baths
2,908 SqFt
Status Active
MLS # 6784619
Property Type Single Family Residence
Price Type --
*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

3836 W Antelope Way San Tan Valley, AZ 85144

$620,995
6 Beds
4.5 Baths
3,164 SqFt
Status Active
MLS # 6779216
Property Type Single Family Residence
Price Type --
Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

15531 W Piccadilly Road Goodyear, AZ 85395

$620,900
2 Beds
2 Baths
2,154 SqFt
Status Active
MLS # 6778730
Property Type Single Family Residence
Price Type --
South facing beautiful golf course home with front courtyard entry. Enchating outdoor living area with outdoor pergola, outdoor kitchen, outdoor bar, Misting system, Personal size Shasta Pool and heater if you want. Great landscaping for your privacy. Owner Solar with new solar converter, and if you have a green thumb a potting station, new heating and air, water softener system located in garage that as extra space for golf cart plus a hand wash sink in garage, front and back yard water system in him RO water system under sink. Sunburst shutters in Bedrooms and custom home office with built in custom cabinetry, Bedrooms both have walk-in closets. Both bathrooms updated. This home impresses with its high ceilings custom designed ET wall with lighting and built-in surround sound system with amplifier with builtin speakers. Great room with gas fireplace, 60in TV and windows have Hunter Douglas custom window treatments. bump out windows in kitchen nook second bedroom, ceiling fans, Stunning granite counters and klithen is upgrades and has under cabinet lighting, Spacious Utility Room. Also garage has storage cabinets. carpet free home, fence backyard. Seller is providing a home warranty.

Glendale AZ 85305

$620,000
4 Beds
3 Baths
2,700 SqFt
Status Active
MLS # 6725528
Property Type Single Family Residence
Price Type --
Up to 3% of total purchase price towards closing costs incentive offer. Brand New Move In Ready Home on prem. lot in highly sought-after Stonehaven Community* This Adelaide floorplan is stunning 4 bed/3 bath/3 car garage single-story gem!! Home has open floor plan. Gourmet Chef's kitchen featuring upgraded 42'' cabinets, large kitchen island, quartz countertops, WI pantry, SS appliances. Owner's retreat is spacious w/dual sinks, walk in shower & large walk-in closet. Other bedrooms are spacious. Tile in all the high traffic areas. Private CASITA w/ ensuite bathroom & sitting room. Low maintenance ft & bkyard. Community features community pool, walking/biking paths, parks, playgrounds, etc. Great Location: minutes to Westgate Entertainment Center, Cardinals Stadium, & restaurants, etc.

4380 E Prairie Lane Cottonwood, AZ 86326

$620,000
3 Beds
2 Baths
1,855 SqFt
Status Active
MLS # 6740171
Property Type Single Family Residence
Price Type --
This stunning, newly built property is perched atop a scenic hill, offering breathtaking mountain views from every angle. The modern design of the home seamlessly integrates with the natural landscape, featuring a split floor plan. Inside, the open-concept layout is highlighted by high ceilings, sleek finishes, and an abundance of natural light. The expansive outdoor patios provides the perfect spot for enjoying the serene surroundings and picturesque sunsets.

2774 Airpark Drive Overgaard, AZ 85933

$620,000
3 Beds
2.5 Baths
1,664 SqFt
Status Active
MLS # 6751278
Property Type Single Family Residence
Price Type --
Pilots and aviation enthusiasts, a beautiful 3BR/2.5 BA Mogollon Airpark home. A 5 min walk to aircraft tie downs, lodge, BBQ, ramadas, pickleball, tennis, & basketball courts! Well cared for immaculate move in ready home, with most furniture included! Spectacular knotty pine vaulted ceilings, soaring stone gas fireplace, open concept living room with an impressive wall of windows. Massive wrap around deck with plenty of room for outdoor entertaining or relaxing. Large screened-in all season room adds more living space. Enjoy the heavily treed, private 0.83 acre partially fenced lot and the wild life that abound. Attached 2 car garage. We are an active social, EAA Chapter 1044 and aviation community, come join the fun!

3039 E Nance Street Mesa, AZ 85213

$620,000
4 Beds
2 Baths
2,331 SqFt
Status Active
MLS # 6763881
Property Type Single Family Residence
Price Type --
Four bedrooms, with the 4th utilized as an office with built-in shelves, but no closet. Original owner of this well-maintained and upgraded home, which sits upon an interior north facing lot. Plantation shutters, skylights, fireplace, wood, tile and carpet flooring, kitchen island, granite kitchen countertops, vaulted ceilings, 2 X 6 construction, double glazed windows, large 3 car garage with workspace and cabinets. Elementary and Junior High School nearby. Front and backyard low maintenance. Tour this home. You'll not be disappointed. Oh, and no HOA in this beautiful community.

16116 W Alameda Road Surprise, AZ 85387

$620,000
3 Beds
3 Baths
2,290 SqFt
Status Active
MLS # 6768724
Property Type Single Family Residence
Price Type --
This Lovely Home features 3 Bedrooms, 3 Baths, 2 Bonus Rooms, Gourmet Kitchen with Sparkling Blue POOL nestled against an Open Area. This Nearly New Home boasts Artistic Custom Wall Features, Soft Eyebrow Arches, Gentle Color Palette, Wood Plank Vinyl Flooring, Full Wall Double Glass Sliding Doors, Upgraded Fans and Lighting, Travertine Decking and Artificial Turf. A Generous Entry leads to the Open Concept Living area complete with a multi use Bonus Room with Quartz Ledges. Gourmet Kitchen boasts 5 Burner Gas Cooktop, Stainless Steel Appliances, Wall Ovens, Tile Backsplash, Large Walk In Pantry, Island, Quartz Counters, Granite Sink, RO system, Pale Grey Cabinetry and under Cabinet Lighting. Primary Ensuite includes a Spa Shower, Double Sinks and Walk In Closet. Near Shopping and the 303

18788 E Blue Sky Drive Rio Verde, AZ 85263

$620,000
2 Beds
2 Baths
1,380 SqFt
Status Active
MLS # 6769353
Property Type Single Family Residence
Price Type --
Great Lock & Leave - move in ready, with access to the luxury amenities of the prestigious Tonto Verde Community! As you step into the home, you are greeted by an abundance of natural light that floods through the open floor plan. The strategically designed layout accentuates the seamless flow between living spaces, providing an ideal setting for both relaxation & entertaining. The modern kitchen features quartz countertops that perfectly complement the cabinetry. Beautiful tile flooring graces the entire home, adding a touch of elegance & easy maintenance. The master suite boasts a spacious layout & an enormous shower. Yard is fully fenced w/privacy wall. Mountain Views! Easy access to walking path which lead to Tonto Verde Community.

6795 W Miner Trail Peoria, AZ 85383

$620,000
4 Beds
3 Baths
2,799 SqFt
Status Active
MLS # 6768885
Property Type Single Family Residence
Price Type --
THIS IS THE ONE you've been looking for! Located on an interior corner lot in the highly sought after tucked away Sonoran Mountain Ranch community, this meticulously maintained home offers offset tile & luxury vinyl flooring throughout the first floor while plush carpeting graces its 2nd level. Upon entering & overlooking your covered front porch, you will find the formal living/dining/flex room with decorative window casings. Be prepared to be wowed by the large stunning kitchen complete with Black Galaxy Granite Counters, staggered Cherry Cabinets adorned with Crown Molding & ample storage, SS Appliances including a double oven, large island with even more storage, R/O, recessed lighting & pantry too. There is a nicely sized eat-in kitchen area that is open to your roomy family room complete with a built-in large media niche , surround sound speakers & decorative window casings. Beyond the family area is a fantastic flex room with glass French Doors, perfect for that home office, playroom, hobby room or guest quarters/5th BR. Right next to it is a full bath too, great for guests! As you make your way up to the 2nd level you will notice the built-in work desk at the foyer, 4 generously sized bedrooms, laundry room complete w/cabinets, W/D to stay & 2nd bath. The 2nd bath has a dual sink vanity with plenty of storage as well. The owner's suite is large & tucked away from the other bedrooms. Its private en-suite is perfectly placed at the owner's suite & hosts 2 separate vanities each with its own sink & storage areas, separate tub/shower, private water closet and HUGE closet! BR 2 has a custom white shiplap wall & decorative window casing & BR 4 boasts a walk-in closet & decorative wood accent wall. Each bedroom has amazing mountain views too! Time to head out to your backyard oasis! Because your new home is located on an oversized pie-shaped elbow lot there is plenty of room for everyone! Its large, covered patio leads you to an extended paver patio sitting area, great for dining al fresco! On the east side of the home there is a beautiful refreshing fenced play pool with a new Wi-Fi pool pump while the west side of the home has lush grass & mature trees. Don't forget to check out the large, 3 car tandem garage which has 2 access doors leading you into the home complete with built-in cabinets, workbench & a service door to the yard. New (23') AC system with Digital thermostats & mobile phone app capability too! With perfect curb appeal an Elegant Stone Elevation, beautiful mountain views & located on a private interior lot, this home has it all! Call for your private showing today!

27448 W Yukon Drive Buckeye, AZ 85396

$620,000
2 Beds
2.5 Baths
2,580 SqFt
Status Active
MLS # 6771924
Property Type Single Family Residence
Price Type --
SOLAR-POWERED JOURNEY MODEL WITH OPEN SPACE BEHIND AND DRESSED TO THE NINES. This 2 Bed/2.5 Bath home is almost 2600 square feet with wood-look tile throughout. Guest bedroom is ensuite plus a Den offering privacy for visitors. Windows are covered with Plantation Shutters yet there's lots of light due to the 5 Solar Tubes. There's 2 in the Great Room, and 1 each in the Laundry, Primary closet and Primary Bath. Speaking of Solar, this home has a huge, owned, 35-panel system which has eliminated APS bills. The garage has storage galore with added cabinetry. Also in the garage the newer, updated and larger Tankless Water Heater. Behind the fenced rear yard is a wash offering privacy from the neighbors. See the pictures, 3D tour and documents tab for more on the many upgrades.

18737 N Celosia Lane Surprise, AZ 85387

$620,000
3 Beds
2 Baths
2,312 SqFt
Status Active
MLS # 6773515
Property Type Single Family Residence
Price Type --
Wonderful Stonecrest with golf course views from the large patio, breathtaking fairway and distant mountain views. A patio fountain is a plus on the back patio. ***NEW ROOF SEPT 2024*** HVAC system recently updated. 2.5 extended garage, with room for golf cart and 2 cars. Gourmet kitchen, with wall oven and cooktop, surrounded by beautiful granite counters and cherry cabinets. Don't pass by this beautiful Cimarron home.

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