Moving Family Forward

Engaged and Merging Two Households?

Engaged Couple

Are you engaged and already living in your own home? Deciding when and how to sell two homes and buy one together may sound like a daunting task. We have put together a couple of possible scenarios to consider if you are in this situation.

Scenario 1: Selling both houses and buying a new one simultaneously.

This situation will take some serious planning. The two houses will need to be prepped to sell, may need some time on the market, we’ll need to find you a new home, then try to align all of the parties’ financing, inspections, and closing dates to the best of our ability. There are a lot of moving parts in this scenario but a good real estate agent will be able to help you put it all together. So the take away from this scenario is to contact your agent in plenty of time so we can plan ahead, get all of the pieces in place, and help things go smoothly.

Reaching out to your loan officer at the very beginning of this process is vital as well for making the timing of these loans and closings work. The sooner you can start the pre-approval process on the new home, the easier it will be to plan out the timing.

Scenario 2: Buying one home before selling the other two.

What if you buy your new home together without selling your individual homes? There are a couple of advantages with this option:

  1. Gives the two of you time to find a home you both love and do any work you would like to on it, without having to move out of the homes you own independently.
  2. You won’t have to make the offer on the new house contingent on the sale of two homes.

There are a couple of things to consider on the loan side of this scenario as well:

  1. Owning three homes means three sets of house bills. This is something to consider at when planning your budget and determining how long you are comfortable with three sets of bills.
  2. Can you qualify for a third mortgage? There are several things that come into play when it comes to this, such as credit and debt to income ratio.

We recommend speaking to your loan officer at the very beginning of the process to determine if you are eligible for a third mortgage. Here at Weber Mortgage, we will be able to give you a general price range for that new home together. This way you can ask yourself if that third mortgage will allow you to buy the home that you actually want.

The home buying process is so exciting, but it can be stressful. When you add a third house into the mix, that is when things become more complicated. But don’t worry, that is where we come in! Let us take the stress off your shoulders and do the heavy lifting for you. That way you can ENJOY the experience of buying your new home! Call Weber Mortgage today.