 TITLE: Buying a Home: What LGBTQ Couples Need to Consider CONTENT: How to Prepare for Homeownership\n--------------------------------\nA home may be the largest purchase you ever make, and it's made more complicated and costly with various fees, taxes and insurance requirements. Because homeownership carries significant responsibility, lenders have strict eligibility requirements for borrowers.\nTo improve their chances of qualifying for a mortgage, LGBTQ couples may want to take these steps to get ready for homeownership:\n*   **Save for a down payment.** One of the best things prospective homebuyers can do is to start saving money, Auten-Schneider says. Some mortgages allow for low down payments, though they typically require paying mortgage insurance in exchange.\n*   **Improve your credit.** In addition to helping you get approved for a mortgage, having a strong credit score can nab you a lower interest rate, which will save you money over the life of your loan. Check your credit and see if there's any room for credit improvement before applying for a mortgage. Look for debts you can reduce, and make sure you keep paying every bill on time in order to protect your scores.\n*   **Reduce your debts.** Lenders also consider your debt-to-income ratio, which compares your debt payments to your income. If you're already overextended, lenders may not approve you for additional debt. To improve your chances of getting a mortgage—and to better handle the responsibility of making payments—make progress on paying down other debts first.\n*   **Determine what you can realistically afford.** When you get preapproved for a mortgage, a lender will estimate how much they'll let you borrow based on your creditworthiness and other factors. This estimate helps you in competitive markets, Auten-Schneider says, since it shows the seller you're serious and qualified. But the ability to be preapproved for a certain amount doesn't necessarily mean you should look for a house that costs about the same. In reality, a mortgage of the amount you're preapproved for could stretch your finances, especially with the other costs of homeownership, such as ongoing maintenance, repairs, taxes and insurance. Take a close look at your monthly expenses and calculate how much you can really afford in monthly mortgage payments; make sure you don't bite off more than you can chew.\n*   **Get legal ownership in writing.** Homeownership can be straightforward if you're a married monogamous couple, but it's not always so simple. \"Depending on the dynamic of your relationship, and especially if you're in a polyamorous relationship, draw up the contracts to be clear on who owns and owes what,\" Auten-Schneider says. \"Your real estate agent should be able to refer you to a legal advisor.\" END