(Closed) Mortgage & Pregnancy

posted 8 years ago in Babies
  • poll: Do you rely on both incomes for your mortgage?
    Yes : (13 votes)
    33 %
    No : (27 votes)
    68 %
  • Post # 3
    Member
    11327 posts
    Sugar Beekeeper
    • Wedding: February 2011

    I do think that is kind of stupid… but I also think it is somewhat easily avoided. You’re only pregnant/on leave for maybe 1 year of your life at a time… why not just buy before or after that? (and really how would they even know you were pregnant unless you tried to do it in the last few months). 

    Plus, I think the advice to buy a house you can afford on one salary is just plain smart regardless. I am not pregnant and have no plans to get pregnant but it was VERY important to us to get a house that either of us could afford independently of the others’ salary. Things would have to get pretty extreme for us to worry about foreclosure any time in the future because we were so conservative about buying… and I think that is just a smart move. 

    Post # 4
    Member
    14186 posts
    Honey Beekeeper
    • Wedding: June 2009

    Hmm. if you can’t afford a mortgage on top of a child, maybe your mortage is too high. A lot of people purchase homes where BOTH incomes are absolutely necessary to paying that mortgage.  I guess the banks are being more selective in ensuring people can afford their mortgage but it’s a shame the irresponsible people ruin it for the responsible ones. I bet the issues are the same when only one person works, though–paperwork, delays b/c of the bank, and buying a home you can afford on one salary. Banking on both salaries to afford your home/bills is never a good idea.

    Post # 5
    Member
    4001 posts
    Honey bee
    • Wedding: June 2010

    Omg, that’s horrible.  I’m really annoyed!  We always assumed we’d be buying a house around the time that I’d be pregnant or when our baby is young.  This throws a wrench in the whole plan.  I do, fundamentally get why this is happening.  But I think its taking conservative lending too far. 

    Post # 7
    Member
    136 posts
    Blushing bee
    • Wedding: December 2010

    we made sure to purchase our home based on one salary even though we could have afforded more just because you never know. children, switching jobs, getting laid off, deciding to pursue another degree…. these are all things that we wanted to have a safety net for. we just didn’t see any reason to max ourselves out.

    Post # 8
    Member
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    From a bank’s point of view this makes sense since I have seen a lot of people go on maternity leave and not return to work. I am in HR so I have seen this happen alot and I know girlfriends who have done this as well. However if you are not one of these people then that seem completely unfair.

    In my situation one of us could pay the mortgage all by our selves but in order to cover our entire budget we do need both salaries. Our mortgage is only 30% our of expenses, so yes I could technically cover the mortgage by myself but not all our our bills, expenses, and misc. costs that are included with running a household. I know how much my SIL makes and how much their mortgage is and they always say how they were so smart and bought the house just on her income, however if my brother was out of work they couldn’t afford food, heat, etc. so I think it depends on each situation.

    Post # 10
    Member
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    @speulie- Sorry I guess I didn’t get the question, but in that case yes! I wouldn’t want to lose my house so either I would go back to work or FI would pick up a second job, speaking if we had children and day care was too expensive.

    Post # 12
    Member
    1645 posts
    Bumble bee
    • Wedding: May 2010

    Wow. I never thought about that. I just learned I’m pregnant and we should be closing on our house this month. I don’t think it’ll be an issue for us. We don’t need both incomes for the mortgage, but our total monthly bills and expenses are more than either of us could pay on our own salary. Now I’m glad that we are buying now, since we just learned I’m pregnant!

    Post # 14
    Member
    7082 posts
    Busy Beekeeper
    • Wedding: July 2009

    We are in escrow on our new house while I’m on maternity leave.  We were searching for houses while I was pregnant and we had no problems with financing or anything else.  We just needed a letter from my employer stating my salary and my start date.  (I don’t start my new job until September).  We got an incredible rate on our loan as well!

    My only stressor is that I’ll be covering 2 mortgages… but we’re planning on renting out my current house which should cover most of this one.

    Post # 15
    Member
    3762 posts
    Honey bee
    • Wedding: May 2010

    I think this really is just saying that they are being strict on proof of income.  If you are on materinity leave you aren’t making money and therefor should be questioned about your income.  I think this is showing that some of the new regulations to verify information is working.  The article makes it clear that if you can prove enough income with one salary then this shouldn’t be an issue.  Also, it says there is more paperwork that can be filled out to verify income if you seriously do plan on returning to work. 

    This is also going to be an issue for new college graduates wanting to buy a house.  Proof of income also means they want to verify you have been in that career field for over 2 years and will likely stay in that field for 3 more. 

    Post # 16
    Member
    332 posts
    Helper bee
    • Wedding: February 2010

    my husband bought our home before i was in the picture, so obviously he could afford it alone.

    The topic ‘Mortgage & Pregnancy’ is closed to new replies.

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