Downtown Denver Living: Choosing a Mortgage before Marriage

For some unmarried couples, it makes complete economic sense to buy a home together rather than continue to rent an expensive apartment or loft in downtown Denver. According to a new Redfin report, more than one-third of millennials in their 20s and 30s would prefer to buy a home before getting married. Buying a home together without the benefit of a marriage license comes with some degree of risk, but an experienced Denver Realtor can help you find a downtown Denver loft or condo that could provide the right housing stepping-stone for your relationship.

Considering the options

Experts found 38 percent of millennials either have or would like to delay a honeymoon or wedding so they could buy a home. Of course, another option is to have an inexpensive wedding. Some couples ask guests to contribute to a fund for a down payment on a home in lieu of a traditional wedding gift.

Getting financing together

Buying a home together before marrying is trickier for many couples. However, lenders will work with you. If one person has a much lower credit score, you may have to get the mortgage out under the other person’s name. Most people wait until after they are officially married to add the spouse to the title of a home. Even if you don’t get financing as a couple, it’s important to go house hunting together. Also, some couples split the closing costs when buying a home together even if only one person is on the mortgage or title.

Finding an in-demand condo

Buying a loft or a condo often appeals to unmarried couples. Living in downtown Denver provides a social atmosphere for millennials. Also, if you work downtown, you’ll have an easier commute so you can make the most of your high income-earning years. Your Realtor can help you find a good deal on an in-demand condo or loft. By finding a home that appreciates quickly in value, you have more options and flexibility if you decide not to get married or want to buy a more traditional home in the suburbs down the road.

Moving up in lifestyle in downtown Denver is an exciting opportunity for couples at any stage in their relationships. At Downtown Denver Realty, we help millennial homebuyers searching for hip condos and lofts in Lower Downtown, Denver’s River North Art District, Lower Highlands, Washington Park and other amazing downtown neighborhoods.

[idx-platinum-widget id =”9594-30617″]