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

By
Real Estate Mortgage Broker with www.genemundt.com NMLS #216987

 

 

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


    *  Food for thought: 

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

 
     
Improve your credit scores with Gene Mundt, Mortgage Lender

        More and more often, especially with young, first-time home buyers, I am assisting unmarried partners with their 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, the other is the spender.  The conversations I have with them certainly reflect that too, as do their credit report(s).

    Right now, I am working with a young, unmarried couple hoping to buy their first home and obtain a mortgage.  Well, I should say ... SHE is hoping to buy a home.  I'm not sure about him.  SHE has been the catalyst of each and every call.  Every piece of information or documentation I receive to advance their mortgage comes from HER.  He has been forthcoming with little.  He's also been very non-committal and evasive with answers.  I'm a bit unsettled about him, to be truthful.
 
     Now 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 outcomes depends on how persuasive SHE can be.  And if he quits dragging his feet and finally commits to the process.
 
    It's just my opinion too, 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 are old enough to have already established financial outlooks, habits, and distinguishable spending personalities.  Theirs are vastly different on all counts.  Extremes.  And because of that, I see all sorts of problems before them long term.  Red flags screaming out "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.  I think they need to be honest with each other about their financial histories (something I think she is 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 then 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 indepth, lengthy, honest conversation is warranted.
 
      And as unromantic as it sounds, especially for this couple and other unmarried couples, this 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 is my opinion that protections ... legal protections ... need to be arranged and put into place for each in this couple.  That is especially so prior to a large financial purchase/commitment, such as this home ... or a car.
 
      Unfortunately, I do not see much financial harmony within MY young home buying couple right now ... or the likelihood of any real indepth communications between them or any attorney occurring in the near future.  Time will tell if they can make a "go" of this, or not.  I'm hoping they prove me wrong ... and all ends-up well.
 
      But 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.  Understand and know your options and possible outcomes.  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 35+ years of experience and expertise as a mortgage lender to work for you.  Together we'll work towards a successful home purchase and find the financial solutions that suit your present financial needs and your future goals.
   Contact me at any of the following:
Direct:  815.544.2280   Cell/Text:  708.921.6331
eFax:  815.544.2281   Skype:  630.219.1316
Skype:  630.219.1316
You are invited to Follow Me through any of the following Social Media!
Posted by

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

AMPC Logo

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 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:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at:  815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

close

Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Dawn A Fabiszak 03/05/2012 07:40 PM
  2. Evelyn Kennedy 03/11/2012 02:44 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Home Buying
Location:
Illinois Will County New Lenox
Groups:
WillCounty
Chicagoland and Northern Illinois Real Estate
Mortgages
1st Time Buyers
BananaTude
Tags:
budgeting and credit
mortgage advice
obtaining legal advice before buying a home
unmarried couples buying a home
firsttime home buyers

Comments 47 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
749,255
Marte Cliff
your real estate writer
Marte Cliff Copywriting

One more thing - why in the heck don't they teach money management in high school? Or even grade school? They teach math - but not how to balance a checkbook.

March 11, 2012 10:00 PM
Rainmaker
1,273,695
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

Hi Gene..

   agreed.....and we see financial reasons as a huge reason for divorce...Reality is usually that one person in a marriage is in charge of bill paying etc....and I see no harm and much sense in that...however, that does not mean that they don't have financial meetings...common understanding and goals...our own financial meetings began before we were married and continue to this day....being on the same ledger page is essential in many ways.

March 12, 2012 03:53 AM
Rainmaker
638,364
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

Marte:  You learned a good lesson, very valuable.  Waiting for proof that they've learned their lessons well is VERY wise ... 

Marte:  Totally agree with you.  And the good news is, that many high schools across our country are beginning to make these classes a requirement for graduation.  In fact, I blogged a while back about it.  I'm including the link to that post here, in case you'd like to read it ...  http://www.genemundt.com/blog/2011/08/14/Important-and-Timely-News-A-Growing-Number-of-States-are-Requiring-Credit-and-Financial-Classes-in-Their-Schools.aspx

There's a link to an article about the same topic within the post ...

Sally and David:  The breakdown of tasks found within a marriage or partnership usually dictates that one partner is in charge of paying the bills.  But I, like you, believe that doesn't relieve the other partner from being educated and aware of the couple's financial standing and situation.  Communication is so key ... along with honesty.  Something I feared was sorely lacking with the couple I wrote about.  Not a good sign ... and indicative of problems to come.  What you write of is proof ... David married wisely!!

Gene

March 12, 2012 01:46 PM
Rainer
157,544
Dave Sullivan
The Real Story on Your Credit Score - TheCreditGuy
www.TheCreditGuy.TV
 

Excellent information I will forward it if that is ok? thank you!!!

November 20, 2012 02:56 PM
Rainmaker
638,364
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

No problem, Dave ... as long as the required info and contact info is still included.  I appreciate that you found benefit in it ... thanks!

Gene

November 20, 2012 03:08 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
638,364

Gene Mundt

Mortgage Lender - Chicago/Chicagoland Mortgages
Contact Me For Mortgage Answers, Info & Assistance:
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Follow Me on Pinterest