However, if you're pregnant and you're single, a lot of things may come to mind: not only do you have to earn money for your expenses, but for your child’s expenses as well. Aside from preparing for your child's arrival, you also have to make sure your child's health during pregnancy is secure. If you plan on getting a house of your own through a mortgage, then tackling this loan and your own pregnancy expenses at the same time can be overwhelming.
But that doesn't mean managing the two are impossible. In this article, we’ll show you that while your problem may seem overwhelming, it's something that can be solved with time and proper planning. If you have the extra funding, seeking the help of a legal professional can aid you in understanding the legal intricacies of managing this situation.
According to Finder, it's undeniable that single parents may have a harder time managing a mortgage, especially when there's a dependent like a child involved. However, this doesn't necessarily mean that you should stop from getting a mortgage entirely, especially if you think you are capable of pulling it off. A lawyer can help you in this situation. Click here to learn more about how legal assistance can be beneficial with this predicament.
In the meantime, read along for a few quick tips you could use:
Mortgage: Can You Pull It Off?
Interestingly, the question of mortgages as a single parent isn't whether or not you are capable of managing the mortgage, it's actually how much you are allowed to borrow based on your single income. Lenders will be more or less inclined to give you a mortgage if you are able to prove that you have sufficient income, and have other requirements that fit the credit criteria of the lender in question. However, just getting that mortgage approved won't pay for itself, and as such you need to approach this matter with a bit of finesse.
- If you're unsure as to whether or not the mortgage you're planning on getting is the right one, don't hesitate to contact mortgage brokers in your area. They are trained professionals that can help you find the lenders that can be of most benefit when it comes to getting a home loan based on your status. They can also give you adequate assistance when it comes to finding lenders who can accept other sources of income, among other things.
- Get copies of your credit reports from the three major credit bureaus, and check if the information there is accurate. This is important, as you may have to get wrong information corrected as soon as possible or you risk getting rejected in your applications.
- Before ever applying for a mortgage, assess just how much you can borrow based on how much you currently own. If you are capable of getting pre-approved for a mortgage, lenders may be able to give you a safe estimate on how much they can lend you.
Mortgage: Alternate Sources of Revenue
When it comes to credit criteria, there might not be a lot of differences when applying for a mortgage on a couple's income. If you are capable of giving a deposit, have a constant income, and have a history of savings, then you can more or less be approved of a mortgage. The tricky part is actually getting more sources of money.
- Budgeting is a handy way of getting more money out of your own income. Budgeting is an important part of making a financial plan that works, and knowing your expenses and assessing what you can cut or what you can save can help you gain extra money you can use for the mortgage.
- According to The Spruce, there might actually be government assistance available, depending on where you live. This can be helpful as perks the government provides in the form of monetary assistance may actually be accepted as payment for mortgages, especially if you ask your lender about these in advance. Examples are childcare benefit, family tax benefit, and even parenting payment.
- If you feel as though you wouldn't be able to properly pull off the mortgage, perhaps seeking government assistance when it comes to refinancing your mortgage can help a great deal. Be careful about options such as "no closing costs" in refinancing options, as these can tack on the closing fees and place them on your overall balance. This can greatly increase the time you have to pay for your loan.
Being single and pregnant seems to be an already big responsibility on your end, especially since you're preparing to raise a child on your own. This is why adding a mortgage on top of this can seem especially overwhelming and stressful. But it’s not an impossible challenge to conquer if you're up for the task.
Proper planning and management of finances can greatly aid in securing that mortgage while being an awesome mom to your child. If it comes to bringing a brighter future to your newest angel, then perhaps it's time to don that thinking cap and tackle this problem from a new perspective.
Daniel Grate is a professional writer in the law industry. She currently writes pieces on various law topics for the common reader. In her spare time she spends quality time with her family and friends.