How To Tell If You Are Ready To Buy A Home

Are you thinking of buying a house? Do you know if you are really ready to stop renting and purchase your first home? Here are a few tips to help you navigate whether or not you are really ready to take the plunge and buy your first home.

The first question you should ask yourself is why? Why do you want to buy a home? Do you have a stable career and are you ready to commit to living in a certain community? If you know your why and you have a stable career and are ready to commit to living in a certain community for at least the next five to seven years, then keep reading you may very well be ready to purchase your first home.

The next question you will want to think through is whether or not your finances are ready for homeownership. You will want to make sure you can qualify for a mortgage which will require a good credit score. A credit score helps lenders see a pattern of you paying your bills on time. You will want to make sure your debt-to-income ratio is not too high. Mortgage lenders are going to look at how much you owe and how much income you are bringing in. If the ratio is too high, you will not be able to qualify for a home loan. You will also want to have money saved up for the purchase of the home. There are a lot of costs that come with the purchase of a home. You will have to put down earnest money, a down payment, remember there are closing costs, and there are other costs that come with the transactional process such as a home inspection. Once you have the money saved go ahead and get pre-approved for a home loan before searching for your home. This will allow you to know exactly how much house you can afford and you will not set your expectations too high for a home that you may not be able to purchase.

You will also want to make sure you remember that when you are looking for a home you are going to want to have money set aside to cover maintenance and repairs. Although you may not expect to have maintenance and repairs as soon as you find a home and purchase it, things do happen and you will want to be able to cover those costs without putting yourself in financial distress.

If you are ready to purchase a home and need assistance with finding a mortgage lender, please reach out to me. I have a list of mortgage lenders that would love to assist you. Once you get preapproved, I will be able to assist you with finding that home and bringing your dreams of homeownership to reality.