How to Know if You're Ready to Buy a Home
Saturday, February 3, 2018
There's no magic age or checklist that tells you you're definitely ready to own a home. However, there are some things you should consider before you take the plunge.
When you apply for a loan your lender will want to see your financial history, including your W2s to verify your income. Their goal is to make sure you'll be able to make your mortgage payment each month. Before you apply for the loan, be sure you have a steady source of income. That might come from sources like a typical 9-to-5 or a variable income, like a bartender.
Budgeting can be difficult. Try starting with our monthly mortgage payments calculator to get a better idea what you can expect to pay each month for homes in certain price ranges. Once you can estimate what your monthly mortgage payment would be, schedule a financial counseling appointment and we can help you come up with a budget to reach your goal. When you're ready to apply for a mortgage, don't forget to ask about our residential first mortgage program that will help you get a low fixed-interest rate.
Level of Responsibility
Owning a home is a much bigger responsibility than renting. It's up to you to find someone to fix your A/C when it breaks in July or to fix the garbage disposal when it won't turn on. Ask yourself if you're ready to take on that level of responsibility.
Owning a home is a big lifestyle adjustment. Get ready to spend your weekends digging in your garden, painting rooms, and dreaming of your next big project. It might sound like a lot of work, but most homeowners grow to love pride they feel once they finish a project—and you will too!