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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6109 S 68th Avenue Laveen, AZ 85339

$549,000

5 Beds

3 Baths

3,402 SqFt

Status Active

MLS # 6781655

Property Type Single Family Residence

Price Type --

Your new home is waiting for YOU! This well maintained home offers 2 car garage, extended driveway for extra parking, RV gate, and low maintenance front yard. Incredible inside offers plank style laminate and tile, No carpet, 5 bedrooms, 3 baths, formal living & dining rooms, den/office that could easily be used as another bedroom, and large loft area can be used for a bonus room or pool table. Chef's kitchen is comprised of Stainless Steel appliances, Gas Stove, island, mosaic backsplash, walk-in pantry, and ample counter/cabinet space. Upstairs master suite includes walk-in closet, full bath, dual sinks, separate tub, and step-in shower. Huge backyard has built-in BBQ & covered patio extended with pavers. The Lot is almost 1/3 Acre! HUGE RV Gate area and plenty of space to use it! 3 Bay Garage/ 2 door entry, tone of extra space. Whole house sprinkler system. Close to Freeways, Sprouts, Home Depot and restaurants. Trailside Point community park features a fishing lake, water splash pad and covered play area. The Laveen Schools are rated A+! Don't miss this opportunity!

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11407 W Duane Lane Peoria, AZ 85383

$549,000

3 Beds

2.5 Baths

1,902 SqFt

Status Active

MLS # 6782259

Property Type Single Family Residence

Price Type --

This Stunning 3 Bedroom 2.5 Bath Features a Chefs Kitchen with gas Cooktop and Quartz Countertops, Built in Microwave and Oven, New RO System 10/2024. Stainless Steel Refrigerator Backsplash pendant lighting and a Large Pantry. Master bath has a Tiled super shower with rainfall Shower Heads, Jack and Jill Bath connects other Bedrooms. Raised vanities and Walk in Closets in all Bedrooms. Half a bath in hall way.8 ft doors highlight the interior with 5 1/4 Baseboards and upgraded lighting and fixtures, Matte Black throughout. The home also has Wood look Porcelain Tile and Upgraded Honeywell Thermostats with remote Via App. A 12' Multi Glass Sliding Door Leads to to an Extended Covered Patio and a Fully Landscaped Back Yard. Other Features Include Satellite Rewired, Water softener .

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22807 E Via Del Palo -- Queen Creek, AZ 85142

$549,000

3 Beds

2 Baths

1,710 SqFt

Status Active

MLS # 6783813

Property Type Single Family Residence

Price Type --

Gorgeous 3 bed 2 bath Queen Creek gem. This must see home has loads of upgrades in all the right places. Tucked on a corner lot, on a sweet tree lined street in the highly desirable Harvest at Meridian community. Thoughtful builder upgrades including premium tile in all main living areas and upgraded carpet in the EXTENDED bedrooms. A premium cabinet package that has been professionally refinished, custom backsplash, gas cooktop, EXTENDED garage, upgraded bathroom package, premium countertops, high soft close toilets, upgraded electrical outlets, spray foam insulation, new pendant lighting, custom screen door, soft water system, custom sunscreens, complete with a 100K backyard Oasis, featuring gorgeous green turf and a stunning oversized 6 1/2 ft deep pool with Baja step and waterfall. Multiple walk-in closets, and loads of charm throughout. Complete with amazing community amenities. Including a splashpad, community pool, community garden, playground, walking paths, within walking distance to highly desirable Queen Creek schools. Close to amazing shopping, dining and entertainment alike. Enjoy fireworks from Schnepf Farms multiple times a year from the backyard patio, just 7 minutes to Frontier Family Park, 6 minutes to Schnepf Farms, and only 5 minutes to Queen Creek Olive Mill Market. With amazing freeway access this beautiful home sits right in the heart of Queen Creek.

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714 N Fox Hill Circle Payson, AZ 85541

$549,000

3 Beds

2 Baths

1,695 SqFt

Status Active

MLS # 6784866

Property Type Single Family Residence

Price Type --

Step into this beautiful single level home in Woodhill Subdivision, nestled into a beautiful cul-de-sac lot with lots of mature natural trees. Very private backyard which backs to undeveloped land, south side has a large dog turn out which allows for more privacy. This home features an open floor plan which provides a seamless flow between living, dining and kitchen. Living room boasts with large windows giving it lots of natural lighting, vaulted ceilings, cozy fireplace adds warmth and charm! This is a 3 bedroom, 2 bath, split floor plan, vaulted ceilings, electronic blinds on some of the windows, walk-in closet, en-suite with dual sinks and walk in tiled shower. Private backyard with covered patio Don't miss out on this one!

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