You've both said yes to marriage. You're both ready to clean out your storage units in Holmdel, NJ, and move into a new home together. Before you start the migration from singles with self storage to property co-owners, double-check your budget and expectations. You might want to wait until after the nuptials.
Both Credit Scores Count
Regardless of marital status, a bank or mortgage lender looks at your individual credit scores. Better credit increases the chances of securing a loan with a lower interest rate. Consider these two common scenarios:
- You both have good credit histories - Application as a couple should be successful.
- One of you has a bad credit score - This can negatively impact your application as a couple.
If only one of you can satisfy the lender's requirements, you can take out the loan as an individual. However, you lose the advantage of applying with a combined income. You may want to postpone buying a new house until you've had a chance to get both credit scores on solid ground.
Shared Contributions Work
You aren't used to sharing everything yet. From separate storage units to individual incomes and savings accounts, you have a lot to consolidate. Figure out much each of you can commit towards a new home purchase.
Develop a shared contribution schedule. Factor in all your financial obligations including student debt, credit card debt, and current car loans. Make sure you're both comfortable with the numbers.
Think About More Than Finances
On average, 75% of couples in your position wait until after marriage to buy a home. Still, the two of you are more than statistics and credit checks. Think outside the financial box with these questions:
- Will buying now add to pre-wedding stress?
- If you're not currently sharing an apartment, is that an option?
- Are you both positioned for a smooth transition to a new house?
Take your time. Consider all the possibilities. Don't let outside pressures force your decision. When you and your partner are sure, you'll make the right move at the right time.
Keep Us in Your Plans
Whether you buy before or after the wedding, we're always here to help. Once you've settled in that dream home, we're at your service with the best storage options available. Keep Safeguard Self Storage in Holmdel, NJ, in your plans, and keep your eye on a very bright future together.