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Why you should NEVER ever purchase a car, get married, or get a divorce while trying to obtain a home loan

Most people will borrow money to purchase a home some time in their life. It is very rare that anyone will be fortunate enough to plump down cash for the full value of a home. With that said, despite my ingrained negative view against debt, borrowing money to buy a home is not always a terrible idea, especially with low interest rates these days.

However, don't make the mistake that a lot of people make while they are getting a loan to buy a home. Always wait to get married if you plan on borrowing money to buy a home, and here's why.

When you get married, you become ACCOUNTABLE for TWO people's debt, you and your spouse. Especially if your spouse has government loans, student loans, or some other type of debt.

Other things you will want to discuss with your fiance or seriously consider AVOIDING before getting a home loan are things like payday loans (a terrible scammy product if you ask me), cash advances, transfers between accounts, and other red flags.

If you owe money, try to pay everything off before you take out a loan for a home AND UNDER NO CIRCUMSTANCES SHOULD YOU OPEN ANY NEW LINES OF CREDIT WITHIN A YEAR OR TWO PRIOR TO GETTING A HOME LOAN. I had to type that in capital letters because it's that important. If banks think you are looking for credit in other areas, that enough could get your approval rejected.

But wait, there's more. Do not quit your job during the loan process. This will make lenders VERY NERVOUS and could jeopardize your loan. That's all. So to sum everything up, keep things as stable as possible and avoid marriage until long after you have your loan approved.

And this concludes my ramblings for the day, good luck!

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