Rise of the Co-Borrowers!

An interesting thing to note: Co-borrowers are on the rise. Meaning, non-married individuals are purchasing their homes with a partner, significant other, or whatever your term of endearment is – instead of getting married, THEN purchasing a home. 

In the third quarter for 2016 it was 21% of all single family loan purchasers were co-borrowing. This year it’s 23%. I’m not legally married (I’m married in my heart. This is where you say, “awwwwww”), and I’m listed as the co-borrower on our home loan. Since we have been together, we have purchased 2 homes like this. In fact, quite a decent number of my buying side transactions involve co-borrowers. One buyer client of mine made the comment that she and her better half were either going to pay for their wedding, or pay for a downpayment on a house. They chose purchasing a home. 

I’m curious to see if this will continuously rise throughout the upcoming years, or it just happened to fall like this this past year.