I Promise to Love, Cherish ... and Pay My Bills??

I Promise to Love, Cherish ... and Pay My Bills??

    *  Food for thought: 

        According to the 2010 Population Survey (conducted annually by the U.S. Census Bureau), there were about 7.5 million unmarried opposite-sex couples cohabiting in the United States, as well as another 620,000 same-sex couples. The same source reported that married couples account for only 48 percent of all households.     


     More and more often, especially with young, first-time home buyers, I'm assisting unmarried partners with mortgage financing ... and I'm seeing huge differences in many of their money-handling styles and skills.   
     While I see it in older couples too, the differences often are far more dramatic in the young.  It's typically very clear, one partner is the saver while the other is the spender.  The conversations I have with them certainly reflect that too, as do their credit report(s).

     Right now, I'm working with a young, unmarried couple hoping to buy their first home and obtain a mortgage.  Well, I should say ... SHE's hoping to buy a home.  I'm not sure about him.  

     SHE has been the catalyst of each and every call.  She as provided each and every bit of information.  All documentation received has come from her.  

     He's been forthcoming with nothing.  He's also been very non-committal and evasive when giving any answers to my questions.  He's unsettling, to be truthful.

     This young couple may or may not end up completing their sales transaction.  I say their chances are 50-50 at best right now.  The outcome depends on how persuasive SHE can be.  And if he quits dragging his feet and finally commits to the process.

     Now it's just my opinion, but I think this couple has bigger issues that should concern them.  Their credit reports read like a life story.  

     While both partners are young, they're still old enough to have established financial outlooks, habits, and distinguishable spending personalities.  Theirs are vastly different on all counts.  A study in extremes.  

     Because of that, I see all sorts of problems before them long term.  Red flags screaming "Warning!" and  "Caution!

Let's Talk About Your Credit & Finances!

      Should this couple hope to have a long, happy, and successful future together, I'd suggest they have a sit-down and talk about their finances ... soon.  Possibly even counseling.  

     First, they need to be honest with each other about their financial histories (something I think she's possibly unaware of ... or doesn't understand the ramifications of) ... and their financial goals and dreams for the future. There should be no surprises.  No secrets kept between them.

     They, as well as any couple (married or unmarried), should both know, understand, and commit to what financial responsibilities lay before them. They should also know just how and what they hope to contribute as they move forward together ... and how and what they hope the other will contribute as well.  An in-depth, lengthy, honest conversation is warranted.

      And as unromantic as it sounds, especially for this couple and other unmarried couples, the conversation needs to cover  any future "what-ifs" ... and how those "what-ifs" affect them legally, should they part or die.

   Unmarried partners must not assume that the legal options and protections provided them are the same as for married persons.  

     It's my opinion that protections ... legal protections ... need to be arranged and put into place for each in these instances.  That's especially true prior to a large financial purchase/commitment, such as a home or a car.

      Unfortunately, I don't see much financial harmony in MY young home buying couple right now ... or the likelihood of any real in-depth communications between them and an attorney occurring in the near future.  

     Time will tell if they make a "go" of this, or not.  I'm hoping they prove me wrong and all ends well.

      I urge anyone hoping to buy a home with someone else, especially as a non-married partner:  Discuss your plans and goals with one another.  Then talk to a knowledgeable, experienced real estate attorney prior to making the financial commitment of buying a home or other large financial purchase.  

     Educate yourself thoroughly.  Understand, know, and weigh your options and the possible outcomes and consequences of your actions.  Love and protect yourself enough to take these precautions ...    


     *  In need of mortgage and credit advice?  Hoping to buy or refinance a home soon or sometime in the future?  Contact me.  I'll put my 37 years of experience and expertise as a mortgage lender to work for you.  
     I can be easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656

      Direct:   815.524.2280    
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Gene Mundt, Mortgage Originator, an Originator with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  
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