Unmarried Couples Buying A House 95%

: Agree on how to split monthly costs like the mortgage, taxes, utilities, and maintenance (e.g., 50/50 or proportional to income). 2. Choose the Right Title Structure

: Explicitly state who provided the down payment and how equity will be split if the home is sold. unmarried couples buying a house

: You can both be on the title (deed) even if only one person is on the mortgage. 4. Tax and Insurance Considerations : Agree on how to split monthly costs

: If both names are on the mortgage, both are 100% responsible for the loan. If one partner stops paying, the other is still legally obligated to cover the full amount to avoid foreclosure. : You can both be on the title

: Lenders typically use the lower of the two credit scores to set interest rates. If one partner has poor credit, it might be better for the other to apply alone.

: Only one person is the legal owner. This can be risky for the non-titled partner, who may have no legal claim to the home despite contributing to payments. 3. Strategize Your Mortgage