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At any given time, I am working with handful of first-time homebuyer clients that are boyfriend and girlfriend, fiance and fiancee, or something similar.
Usually, the rental lease is ending for one or both of them so they decide that its easier to just move in together. Rather than rent, the combined incomes and bright future lead to the decision to buy their first home together.
Until that marriage or civil union happens, though, there are a number of financial and legal issues to consider. As always, Barbara Corcoran does a terrific job of straight-shooting on The Today Show.
This clip from May 2007 is timeless because it reminds us how love is blind, and also blinding. Non-married homebuyers can't forget to take proactive measures for long-term protection. The most important of which is opening a life insurance policy.
For all of her real estate savvy, Barbara sometimes sounds like a well-versed mortgage planner.
I love that she reminds the viewer how accidents happen and people sometimes die unexpectedly. The worst legacy you can leave a loved one is a mortgage payment that was manageable with two incomes, but is an impossibility with just one. A basic life insurance policy can protect against that and the policy is cheap.
Watch the video and listen for Barbara's sound bites. At three minutes in length, it's a powerful segment.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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