Buying a house when one spouse has bad credit is a problem many couples face.
They can either accept a higher interest rate, leave the spouse off the mortgage, or wait and repair their credit.
You can be on the title but not the mortgage. It is not common, but it does happen.
Title shows ownership. A mortgage is a loan on real estate property. They often go together, but they are not the same thing.
Whose credit score do banks use on a joint mortgage? They look at both.
The lowest score is most important though. Do anything you can to get the lowest score higher.
Do you have to be married to buy a house together? No, but there are things to consider before making the deal.
Some reasons unmarried people buy real estate together include: sharing expenses with friends or family members, investments property, or cohabitation without committing to marriage.
Consider all of the commitments you must make before you purchase a property together before you make a deal.
Turnkey in real estate means the house is ready to move in.
It is clean and tidy. Everything is up to code, and there are no foundation or other immediate problems to fix.
For rentals it may mean that furniture is included.
Backup offers secure your contract in case the primary falls through. It allows you to get the house before it goes back on the market.
Learn how to write and present one effectively to the seller. Also learn about cancelling it if you buy another house or decide you don’t want it after all.
If you are buying a house with an encroachment you learn what the legal definition is. You should also know what your options are for remediation.
Finally, if you are buying any house you should have a survey done to learn if there are any encroachments on the property before your deal closes.
When you buy a house as-is you should understand the meaning of the term, know what problems you should look for, and understand the legal definition.
Typically when we think of a house being sold as-is we focus on the removal of the inspection clause.
What do you know about real estate closing costs? Find out what taxes, fees, and commissions buyers and sellers must pay at closing.
Learn about recurring and non recurring fees. Also, find out about fee structures special to for sale by owner, short sales, and cash transactions.
The best way to lower your closing costs is to learn exactly what they are. Then, you can go to each vendor and negotiate. Also, don’t be afraid to negotiate with the lawyer and mortgage company.
If you can’t afford your closing costs you may even be able to ask the seller to pay your closing cots. There are disadvantages to this strategy, though.