Getting married is a big deal! It requires planning, has its ups and downs, and brings much joy. Much like buying a home.
1. Long-Term Commitment
Buying a home and getting married require careful thought and commitment. The typical mortgage is a 15 or 30 year term, so this is only for a serious couple. A marriage is similar. In both situations, you should make sure you are prepared. For weddings you may consider reading a couples book together or seek out marriage counseling to talk through everything that is coming. Mortgages are the same. You will research online for your best match and seek out a loan officer to talk through the process and make sure you are ready!
2. Require Planning and Hard Work
You may put weeks, months, or even years into planning your wedding. It may be fun saying yes to a dress, finding the perfect venue, and sampling all the cake options! But marriages are not all about the wedding day, they are about the life after that. Your wedding day is the launching pad for a life of adventure with the partner that you choose. Marriage is hard work, and requires some sacrifices, but the all love you put in, you will see in return!
This is similar to buying a home. You will have fun saying yes to the home address, finding the perfect Loan Officer and Realtor pair, and sampling all that homeownership has to offer! But next comes the hard work. The maintenance of your home is not always easy, but worth it, because it is an investment. The more love you put in, the more it will love you in return! That's where home equity comes in to play!
3. Talk about Finances
Saving for a wedding and your future is a necessary part of your spending your life together.
You will need to talk to your significant other about your finances and decide how you will make money decisions in the future. Will you have joint bank accounts, or do you prefer to keep them separate?
Obviously buying a home, requires financial talk! When you apply for a mortgage you will need to supply documents about your income, assets, debts giving your loan officer a complete picture of your finances. Once everything is on the table, they will be able to navigate the homebuying process with you and help you choose the right loan for you, ensuring that you are not getting into something you cannot afford. (Even if the home is really pretty).
Both buying a home and getting married are big decisions, that you should not take lightly. They require commitment, preparing, hard work, and conversations that are not always easy. One thing is sure though, though it may not be easy, it will be worth it!
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