Love and Mortgage

Forget what you may have heard. Marriage and mortgages are still important priorities to millennials. What has most notably changed is the age and order in which young people are choosing to take these major steps in life. Many couples are deciding to purchase key rings before looking at engagement rings. When you and your honey are looking at houses, here are some things to consider before you say “I do” to a home.

Realistic Expectations

Be it a Classic 6 townhome or a 4-bedroom, 3-bath on 2 acres, you and your partner have probably put some thought into what your dream home will be like. Before you set your hearts on a home, put away the Pinterest boards and pull out your wallets. Setting realistic expectations of what and where you can afford may change your priorities. Decide what’s more important. For instance, being close to work (and saving on gas or transport costs) may trump the “necessity” of a man cave or stainless steel appliances.

Scores and Savings

Since unmarried couples are typically seen as separate applicants for loans, you and your partner will need to have an open conversation about your credit scores and savings accounts before applying. If one of you has a less-than-ideal score, the other may consider applying individually. The issue there is that an individual income may lower loan amounts. For down payments, your combined incomes may lower monthly payments. How you divide these payments (percentage of income or availability, for example) is something you should decide on together before applying for loans.

In Writing

Whether you’re joint tenants, keepers of a living trust or tenants in common, you both need to take action to protect yourselves in the event of the unimaginable. Consulting with an attorney who specializes in real estate law is a wise step before purchasing property together. This meeting is also an opportunity to discuss how the property would be distributed in the event of a death or break up and how records of payment should be kept in relation to your home.

Don’t hesitate to speak with professionals about your current finances and your plans for ownership. They’re there to help! Getting your lender and real estate attorney on the same page can help you develop a plan and is a smart way of deciding on the best option for you and your partner as your cross the threshold of home ownership.

A note from our Spending Freeze winner, Tricia Morgan

My name is Tricia and I am the winner of $300 from the Missouri Credit Union 10 Day Spending Freeze Contest. You might think that’s a lot of money! What is a college senior going to do with that? Well, let me tell you. That is how the journey began for myself. I thought “10 days… no spending money… what would I do with the money?” I then realized that I should probably plan for my 10 days of not spending. So, I did what any decent human would do: I filled up my gas tank, meal prepped as much as I could, and set reminders to write on the blog post every day. Around the second day of no spending, still contemplating on where the money should go, I received a e-mail from an organization I am in “Relay for Life Steering Committee” reminding us of what is going on in the Relay world. Then an imaginary light bulb went off in my head, I haven’t fundraised all of my goal yet for the Relay for Life walk, so what better way to raise my goal then to win the money!? It started out as a thought as simple as that, but then it became much more. I had my post shared by many of my friends, co-workers, sorority sisters, and my family, some guy from West Virginia was tweeting the link who I’ve never even met before. We were all staying up avoiding homework, first rounds, and messaging anyone who was online to go vote. Countless times I was asked, “is this really you or spam?” Relay members were coming up with ideas, Oreo balls if I won were thrown out there, and so much support from this organization. I then realized I wasn’t just raising money for my goal I was raising awareness. Our lovely advisor Emily really got to me when she was sharing my link and it read “That’s money that would give one cancer patient and their caregiver free lodging if they had to travel for treatment or would give 24 women one on one counseling during their cancer journey”. Can you believe that?! With so little effort I raised awareness and provided that? I can’t wait to see what we can do together before our walk at Mizzou on April 24th. I couldn’t be more privileged to donate this money instantly back to the American Cancer Society. For something that started out as raising money, this did so much more.

****

To donate to Tricia’s team, click here.

Spending Freeze Challenge: Day 10

Congratulations! Provided that you don’t spend anything today, and you comment on the blog – you have completed the first (and hardest) part of the challenge.

Now, for the second part of the challenge, if you are on the eligible list of participants below please upload a photo to our Facebook page, under the tab ‘Spending Freeze Challenge.’ This link should take you there: https://www.facebook.com/MissouriCreditUnion/app_244041225639079

The photo can be of you, your family, or something to represent this challenge, but it must be your photo, and cannot have been used in a contest before. Click here read our complete list of rules.

Caption your photo with the biggest takeaway you’ve learned from this spending freeze. The photo with the most votes by Feb. 11 at 11:59 p.m. is the winner.

Please note, voters can vote only once. Not once a day or once per photo, but only once.

Eligible participants:

1.    psmcp5p
2.    Gina Overmann
3.    Wesley Hayes
4.    MacKenzie Bowden
5.    Breanna Elizabeth Dunnavant
6.    dmcdade03
7.    spatton99
8.    Hali Ipaye
9.    teacherofthe3rd
10.  Amanda Carothers/proudmama

Thanks and good luck!

Spending Freeze Challenge: Day 7

Super Bowl Sunday! Oh man, what a toughie. We didn’t purposely plan this challenge during an “American holiday” – but alas here we are. Did you plan for the Super Bowl in advance? Or will you show up to the party empty-handed? Maybe you’ll kick it solo this year?

Day 7 Prompt: What are your Spending-Freeze Super Bowl plans?

Side Note: We want also want to know which you care about more this year – the ads or the game?