All partnerships should be planned well, and the LGBT community has been waiting for this news for so long, that many will not think about all of the financial consequences of their timing and we have all done things quickly and passionately and later said “I wish I had thought that through better”. Getting married is about planning a life together, so ask your partner, “do we want to buy a home?” If the answer is “yes”, then the next question should be, “when?”. Then go and talk to a mortgage specialist to find out if you should get married first or buy a home first.
Why? Here is a real scenario that happened to one of my clients; Gina was about to buy her first house, with her dad co-signing. Gina was dating Brad at the time. We were about 2 weeks from closing the deal when Gina and Brad, decided to suddenly get married without telling anyone. Now I don’t care that they did not tell their parents or their friends, but they did not tell their Realtor or Loan Officer. Guess what? Brad had bad credit. Gina could buy the house easily unmarried, but as soon as she married someone with bad credit, they hit a huge stumbling block. Had they just asked a couple of questions before they tied the knot, they could be married and living in the house that they owned together (Community Property State). If he had good credit and IRS liens, it would have been the same result!
I read a blog yesterday that said that Friday’s Supreme Court decision will make it easier for the LGBT community to get mortgages, now that they can get married. What an ignorant statement! Mortgage lenders cannot discriminate for or against married couples and unmarried people have been buying homes for years successfully. Sometime they are able to do it because they are unmarried! (one get’s a mortgage and then puts the other on Title after the close of escrow) **
Love is great! I a huge fan! And planning a life together should involve a good plan. By the way, I’m sure their are other financial considerations 2 people should consider in their plan . . . this is just the biggest one that I can think of at the moment.
If you are in Nevada or California, Call Tracy Logan with W.J.Bradley Mortgage Capital. She is a rock star! 866-563-0727
** By the way, if one of you has IRS liens, do not put that person on Title even after the close of escrow, or you will not have a happy relationship, and in certain states, you would want to pay the IRS liens before getting married.