{"id":186,"date":"2023-01-22T05:00:00","date_gmt":"2023-01-22T13:00:00","guid":{"rendered":"https:\/\/www.speedycash.ca\/marriage-or-mortgage\/"},"modified":"2025-08-05T18:58:46","modified_gmt":"2025-08-05T18:58:46","slug":"marriage-or-mortgage","status":"publish","type":"post","link":"https:\/\/www.speedycash.ca\/blog\/marriage-or-mortgage\/","title":{"rendered":"Marriage or Mortgage"},"content":{"rendered":"\n
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<\/i>Financial Tips<\/span><\/a><\/div>\n\n

Marriage or Mortgage<\/h1>\n\n
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While many couples aspire to have a dream wedding and a home of their own, in today\u2019s economy, it\u2019s not always feasible to have both at the same time. The average Canadian wedding costs nearly $30,000, while a 5% minimum down payment costs around $34,000. For many couples, this means facing a choice: Marriage or mortgage?<\/p>\n\n\n\n

Today, more and more couples choose to make a commitment to each other by buying a house together before committing to marriage. If you\u2019re contemplating whether to use your hard-earned savings on a down payment or a wedding, here are a few things to consider.<\/p>\n\n\n\n

Determine Your Priorities<\/span><\/b> <\/span><\/p>\n\n\n\n

You and your partner need to be on the same page with your financial priorities. Nearly half of all newlyweds accumulate wedding debt, and a quarter of couples wish they had spent less on their wedding. However, homebuyers aren\u2019t immune to buyer\u2019s remorse either. 52% of homebuyers regret their purchase, whether that\u2019s due to buying a home that\u2019s too small, requires too many repairs or was more expensive than they could afford.<\/span><\/p>\n\n\n\n

Buying a House<\/span><\/b> <\/span><\/p>\n\n\n\n

Investing in real estate allows you to build equity and accumulate value on a property. Though the sentimental value of a wedding celebration may be meaningful, it won\u2019t provide the same financial return on investment that owning a home does. <\/span><\/p>\n\n\n\n

There are several different types of mortgages available in Canada. Mortgage rates and length will vary depending not only on what kind of mortgage you choose, but on factors such as credit score, down payment and loan-to-value ratio.<\/span><\/p>\n\n\n\n

Though you\u2019ll pay off most of the cost of the home over many years with your mortgage, you will need to pay a small percentage of the total cost as a down payment. Down payments can be as little as 3-5% or as much as 20%. The good news is that with a joint income, you\u2019ll have more home options available to you. <\/span><\/p>\n\n\n\n

For unmarried couples ready to put down roots, don\u2019t fret. Whether or not two people are married does not affect mortgage rates. However, each of your credit scores will play a role in your ability to apply for a loan. For example, if you have significant debt that brings down your credit score, it won\u2019t matter if your partner\u2019s credit score is high. You\u2019ll also miss out on tax benefits by not being married, which could add up to thousands of dollars in property taxes. <\/span><\/p>\n\n\n\n

Having a Wedding<\/span><\/b> <\/span><\/p>\n\n\n\n

The Canadian housing market bubble is continuing to grow. Homes are in limited supply, with housing prices increasing even faster than inflation. For many Canadians, this means that homeownership is just too far out of reach. Some are choosing to wait until the housing market calms down and are instead splurging on celebrating their marriage with friends and family.<\/span> <\/span><\/p>\n\n\n\n

This can be a good option if you\u2019re unsure about the neighbourhood you\u2019d like to end up in or aren\u2019t ready to commit to your city long-term. Putting off purchasing a home gives you time to save up more money for a down payment since you\u2019ll likely be dedicating your available financial resources to wedding planning.<\/span> <\/span><\/p>\n\n\n\n

If you do decide that having a wedding is a more immediate priority, there are ways to keep the costs low on wedding expenses, such as limiting your guest list, holding it at a public park or in your backyard, and emailing your save the dates. There\u2019s also the option of dedicating the majority of your wedding budget to a lavish honeymoon and keeping the ceremony simple.<\/span> <\/span><\/p>\n\n\n\n

Online Payday Loans <\/span><\/b> <\/span><\/h2>\n\n\n\n

However you decide to invest in your relationship, you may still run into financial challenges. If you find yourself in a bind, a payday loan from Speedy Cash can help get you the money you need in minutes. Get approved online with no hassle or credit checks. Find out more here<\/a>!<\/span><\/p>\n\n\n\n

Resources: <\/span><\/p>\n\n\n\n

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  1. https:\/\/www.moneysense.ca\/columns\/ask-a-planner\/marriage-or-mortgage-which-is-the-better-investment\/<\/a> <\/span><\/li>\n\n\n\n
  2. https:\/\/www.lendingtree.com<\/a> <\/span><\/li>\n\n\n\n
  3. https:\/\/www.amfam.com\/resources\/articles\/at-home\/home-buyers-remorse<\/a>  <\/span><\/li>\n\n\n\n
  4. https:\/\/www.bankrate.com<\/a> <\/span><\/li>\n\n\n\n
  5. https:\/\/www.rocketmortgage.com<\/a> <\/span><\/li>\n\n\n\n
  6. https:\/\/www.quickenloans.com\/learn\/buying-a-house-before-marriage<\/a>  <\/span><\/li>\n<\/ol>\n<\/div>\n\n\n\n