4 Signs You are Ready to Be a Homeowner?
Are you ready to be a homeowner?
Buying a home is a big commitment that is exciting and nerve wracking.
How do you know if you are ready?
Here are 4 signs that you are ready to take the plunge into home ownership.
1) TIRED OF RENTING
Finding that ideal property to rent for a good price can be tough! If you are tired of being a transient moving from one rental home to another because you have no control on landlords decisions; maybe it’s time to look at what is affordable for you to own.
Often a mortgage & property tax payment are less than or equal to your current rent payment for a similar property that you are renting.
Flip that rent payment into a mortgage payment!
2) GROWING YOUR SAVINGS ACCOUNT
Saving for a down payment can be challenging with day to day living costs but making a commitment to save every chance you get pays off. It may mean spending a lot less on “entertainment” costs of dining out or going to the bars.
It is worth it when you bank that money to buy your home.
For a $300,000 purchase, you need a min of $15,000 for a downpayment plus 1.5% of the purchase price in closing costs.
Make a plan and watch your savings grow.
3) YOU ARE IN A GOOD FINANCIAL SITUATION
Your credit is good and you have been working on maintaining a clean credit bureau with making minimum payments on time.
Being financially responsible increases your chances of being approved. If you are unsure of how your credit is, contact a Mortgage Broker and we can see where you are at and what you can do to make that
Great credit = More Options
4) YOUR INCOME IS STABLE
You have been in the same career for 2 years and income has been constant for those 2 years. If you switch jobs and are in a similar line of work with no probation and guaranteed hours or salary, there are opportunities for you.
If you started a new job and still unsure, talk this situation over with your mortgage broker.
Being Ready to Buy means you’re ready to talk to your Mortgage Broker, Jacqueline Jeffries at
780.220.5968 or email me.