Tips For Shopping For A Mortgage As A Singleton

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Although the vast majority of mortgages in the United States are obtained by couples, it’s becoming increasingly common for single people to buy homes on their own. But shopping for a mortgage as a singleton is much different than shopping for a mortgage as part of a couple – there’s a lot of decision-making and responsibility that falls on your shoulders alone, which can be overwhelming at times. To avoid some of this stress, take a look at the information below for some tips about how to shop for a mortgage as a single person before you begin the journey to homeownership:

Get Very, Very Educated

Couples are able to take a ‘divide and conquer approach’ to learning about how to get a home loan. If one person overlooks a step or misunderstands a term, it’s likely that the other person will step in to fill in the knowledge gaps.

Unfortunately, singles don’t have this advantage, so it’s especially important to do your research. Read every book and Internet article you can get your hands on about mortgages, taxes, home-buying, homeowner’s insurance, etc., and be sure you understand every piece of everything you need. Being as educated as possible will make you more confident as your move through the process of obtaining a mortgage.

Screen Bankers and Brokers Carefully

When you feel ready to actually start applying for mortgages, you’re going to be making contact with a lot of bankers and brokers. When you’re trying to get a home loan on your own, it’s especially important to screen the professionals you could potentially be working with very carefully.

Be especially attuned to their reaction to the news that you’re looking to purchase a home on your own. You only want to work with financial professionals who are enthusiastic about your decision to purchase a home by yourself and who are willing to patiently work through your questions and concerns. Everyone else can take a hike!

Set Limits

When you’re shopping for a mortgage on your own, it’s easy to get totally consumed by the process because you have no one else to reel you in when you start getting obsessed. This is why it’s very important to set limits. For example, commit yourself to only researching and thinking about mortgage shopping and home-buying for three hours per day, and when those three hours are up, move onto something else. Otherwise, you’ll drive yourself nuts!

Recruit A Home-Buying Buddy

One of the most important things you can do while you’re shopping for a mortgage on your own is find a home-buying buddy to lean on when times get tough. Ideally, this buddy would have some experience with the mortgage and home-buying process, but their real function will be to act as a sounding board when you’re starting to get stressed or overwhelmed. Be sure to pick someone that you’ll feel comfortable calling at any hour of the night, because that’s when you’ll start to freak out. Also, be sure to buy your buddy a nice thank-you gift when the whole process is over!

Single people face special challenges when shopping for a mortgage, but with the tips above, the process can be totally manageable. Get started today!

About Lindsay Meredith

Lindsay is a high school teacher and personal finance blogger. She lives, works, and plays in the Washington, D.C. area.

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