Today, young couples can only dream of buying a house. Not so long ago, around the world, house prices were 20% of what they are today. The market was stable, and newlyweds would move straight in to a purchased apartment. Unfortunately, in today’s world, where house prices have skyrocketed around the world, the thought of buying a house can be a nightmare for new couples or even a faraway dream.

It is well known that getting a normal mortgage usually requires you to have a certain percentage of the money upfront (a down payment). In my opinion, things would be a lot simpler for couples if getting a mortgage didn’t require a down payment at all. Having said that, the issue isn’t that newly wedded couples find it difficult to reach the sum required for the down payment, as statistics prove that usually after the wedding or at some point at the start of married life, couples do have enough for a down payment.

So what is the issue? The real issue is that couples who find themselves with a large enough sum of money spend it on some upgrade for example, a new car, an upgrade to their home, or renting a nicer apartment. They rationalize and come to a conclusion that purchasing a house when they only have exactly the amount required for the down payment can leave them at a state of risk as their bank balance will be critically low.

The first bit of advice I can give to couples looking to buy a house is: Jump in to the market as soon as you possibly can, even though it will leave your bank account critically low. Every month that goes by without buying a house is money wasted on rent, and who knows, this might be your last chance.

The second bit of advice: There are two types of mortgages; the first type is a standard bank mortgage. And the second type is a mortgage which is secured by an insurer. The Second type can reduce the amount of money required for the down payment substantially. Consider this option and you may well find that the amount of money you need in order to purchase a house is a lot less than you can ever have imagined.