Buying a Home
You’ve been working hard. You love your job, you love your spouse, you love your new baby, but you do not love your, all of a sudden, tiny apartment. You want in on the American Dream.
You say goodbye to your neighbors and the last rent check you have to pay your landlord.
So what’s next?
- You found a realtor you love to help find the perfect house to make a home.
- You found a mortgage broker you love that will help you navigate the painstaking process of financing.
- You found a lawyer you love that will help decipher the 534 pages of documents required.
All that’s left is an insurance broker you love. Feel free to scroll to the bottom to the “EMAIL US” button and the “SCHEDULE AN APPOINTMENT” button.
Or you could read further.
Buying a house comes with a lot of responsibility. While it’s funny when people joke “the bank owns my house”, it’s not entirely untrue when you have a mortgage on the majority value of the house.
We’ve address many life stages in our website starting with the union of two people coming together to share their lives, aka marriage, then having a baby. These two blog posts present a similar exposure when individuals become a family. When both you and your spouse rely on each other to keep the home secure, you must look at what each spouse is providing.
1. Is one spouse caring for the children?
a. What happens if they die or become disabled?
b. Who will care for the kids?
2. Is one spouse providing income to the household to help pay the mortgage and other bills?
a. How will you continue to produce an income for the family to pay bills?
3. Are both spouses earning an income and this is critical to maintain the mortgage and a lifestyle?
a. How will paying the bills be impacted with one less paycheck each month?
4. What happens if your spouse gets sick or dies?
Life and disability insurance provide money when a catastrophe hits. The mortgage payment will not go away unless you sell the house. If you do not plan for an unforeseen accident or catastrophe at all and selling your house is your solution, how fast will you be able to sell that house? Again, the mortgage payments will not wait until you’ve structured your financial plan. Don’t wait for a catastrophe to plan.
Call your insurance agent to discuss your options.