My boyfriend recently suggested that we should look into buying a small house (only 1 to 2 bedrooms). He pointed out the renting is a waste of money ( I agree ), and that we both have good jobs and good credit, so we should have no problem getting a loan. We did the math and have a reasonable price range figured based on what we could afford to pay for mortgage. My boyfriend and I have been dating for a long time (years) and are in a secure relationship, so there are no problems there.
EXCEPT: I am 18, and he’s 19.
Should we really look into buying a house within the next year? Would the bank even give us a loan?
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You are too young to buy a house. There is nothing wrong with renting for a couple years especially at your age.
Bad idea. Young as you are and unmarried to boot, you should not get into joint financial ventures. That’s a recipe for disaster.
No you should not buy a house at this point. You and your boyfriend are very young. Sounds like this guy was your first boyfriend and my suggestion to you is wait until you commit to a marriage before committing to a 30 year mortgage.
first of all … it really is hard getting a mortgage at your age. most banks will probably say no. they require good credit and proof that you are steadily employed (more than a year at the same job for most banks). in order to have good credit, you must have built it up through other loans (student loans, credit cards, etc) that you have been making regular payments on. if you are only 18 and 19, its hard to imagine you have a high enough credit rating to get a mortgage. plus, you will have a hard time getting a mortgage unless you have a huge down payment saved up.
second of all, i wouldnt recommend getting a house together when you arent married and are so young. if you split up then you will have a lot of assets to split up, and since you arent legally married (or common law), that could be complicated. and no one wants to imagine the possibility of breaking up – but its a possibility – especially at that young age and when you are just starting to be adults and work full time, graduate school, etc.
i understand your argument about “throwing away money” on rent payments, but i honestly wouldnt do it if i were you. i would get a low rent apartment for two years until you are 20 and even MORE stable, and then think about it. if you have a low rent payment, then the two of you can put away a certain amount each pay check for a downpayment on a home. then in two years (if you are still together, or even if you are alone) you can put a good downpayment on a home and get a lower interest rate on your mortgage, and be more financially secure.
Buying a house means to determine where you’ll be staying or living at for a long period of time. Once you brought the house, its all yours, but what if you lived there for a period of time and realized it isn’t suitable for you?Just know what your planing are for the future.
Having loan from the bank shouldn’t be a problem, just use the house you’ll be planing to buy as a mortgage. It shouldn’t be a problem. Even better if you’re married then request for a loan.