dealing with debt and a financially irresponsible spouse

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dealing with debt and a financially irresponsible spouse

I am married to a man that isn't exactly financially responsible. When he finds something that he wants, he will do whatever is necessary to buy it. This has caused us a lot of debt over the years. What can you do when you are married to someone that doesn't take being in debt seriously? How do you approach him or her about their spending habits? I have worked with a financial professional to learn how to manage my money, how to discuss our money problems with my husband and to learn how to reduce my debt as quickly as possible. Find all this information and more here on my blog.



A Few Options For Obtaining A Mortgage To Buy A Home

Buying a home is a huge event in your life. When you first start looking at homes for sale, the real estate agent will recommend that you talk with a bank to become preapproved for a mortgage. This will let you know how much money you can spend on your new home. However, sometimes, going to a bank for a mortgage is not going to work. You might not have enough money saved for the down payment required, or perhaps you have some credit issues that will disqualify you. Luckily, there are other mortgage lending options for obtaining a loan to buy a place of your own.

Private Lenders

A private lender is not necessarily a single person. Often it is a business that deals with home loans. They are often willing to work with people with credit issues or no down payment because they use the property as an asset. If the purchase price of the house is less that its appraised value, they feel they will not be out anything if you should fail to make your payments because they can still sell it for a profit. This type of loan company is often willing to work with you and your financial situation to make the deal. While they may be willing to take a lower monthly payment, you can be assured your interest rate will be on the high side. However, if you plan on staying in the house for a long time, it is a good way to get the financing you need.

Owner Financing

If the current owner has paid off their mortgage or has a large amount of equity in the home, you may be able to obtain financing from them. This can either be for the full buying price or a portion of it. If it is only a portion of the price, it may bring down the amount you need to borrow enough to allow you to get a loan from a bank or another mortgage lender.

Your real estate agent may know of lenders who would be willing to work with you. While many unconventional mortgages have a higher interest rate, the important thing is to get the house and start making payments. Once you have established a good payment record, you may be able to refinance the mortgage to get a lower interest rate. You can take advantage of this by having lower monthly payments, or by paying the same amount to decrease the principle faster, thereby lowering the amount of interest you have to pay over the course of the loan.