Newlywed Questions About First House?
How much of your income should go towards paying for a house?
ANSWER: You should not take out more than one-fourth of your take-home pay on a 15-year fixed mortgage.
You should not do two mortgages. Avoiding the PMI insurance is a good idea when you can, but taking out a second mortgage with a higher rate, an adjustable rate, and/or a balloon on it messes up your financial picture.
You should not do an interest-only mortgage. It means you pay only the interest and you’ll be paying for the rest of your life.
You should not buy a house with someone you’re not already married to. I would suggest you only buy a house after you’ve been married for one year. Getting a house with someone you’re not already married to creates a financial, relational, and legal mess.