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titan22

This is a new question for me. I'm not about to get married, but I can provide some good advice and food for thought.

Step 1: Clean up your finances. Get rid of a majority of your INDIVIDUAL debt. A married couple should have less than 35% of gross income tied up in monthly debt. Including the new house payment. Pay off all the little credit cards like Macy's and Best Buy. You are working together now and have to think together. Also, Clear all of your wedding debt. Pay off any honeymoons, wedding costs, or small debt that is associated with the wedding.

Step 2: Resist the urge to splurge. You now split all of your bills (or close to it) and have extra money. If you plan on buying a house, don't go out and buy expensive furniture, a new "family car", or flashy toys like motorcycles or jet skis. Your credit will be affected and your income/debt ratio will be affected.

Step 3: Manage your moves. If you are moving locations or jobs, wait 3-6 months before looking for a new home. A stable job with a work history will help get financed. Job stability is key.

Step 4: Save Save Save. Save as much money as you can. Cutting close for 6 months so you can save every penny will pay off when you put the "sold" sign in your yard. Save for both an emergency fund and large down payment. Make your money work for you. Don't incur debt at this time, but only buy what you need.

Step 5: Get pre-approved before you start house shopping. the last thing you want to do it find a house and fall in love with it to find out how much you can afford. Work with a mortgage broker you trust that wont over spend your budget.

Step 6: Discuss your timeline. How long you wait is up to you. Figure out how long you want to rent or stay in your current house or condo. Be patient, you just got married. House buying is stressful so take things slowly.

Step 7: I hate to bring it up, but cover the "what if". What if your marriage doesn't work out? I hate to be the bearer of bad news, but there is a possibility it wont work. Expect the best and prepare for the worst.

I hope this gives you some thoughts about preparing for a new house. I know it would be a great step, but hopefully its the right step.

socalgolfguy

Just to add on -
Step 8: Stop spending foolishly. Do not spend money on lunch - take something from home.
Step 9: You do not need a new I-Phone.
Step 10: Make sure all your insurance is up to date.
Step 11: Same with your taxes
Step 12: Pay down all your debt but keep the accounts open. It's better to have lots of available credit and not use it than to have little credit and no balances.
Step 13: Do not buy credit furniture, jewelry, new sound system, HDTV - anything.
Step 14: Stay close friends with your parents. You will probably need their assistance. Even if you make a jillion dollars a year, they have been in your position.
Step 15: Seek the advice of a certified financial planner - and not your parents. You need someone you do not have to dance around. If you have questions do not be afraid to ask.