Five Questions: Are You Ready to Buy?
When is the right time to buy your first home? With mortgage rates about as low as we’ve ever seen, the answer is probably sooner than later. Here are some questions to consider:
- How do house payments fit your budget?
Remember, it’s not just a mortgage payment – you also have taxes and homeowners insurance to figure in. Fannie Mae recommends keeping house costs at no more than 28% of your budget or you run the risk of being house-poor. Figure out how much you can afford with our online calculator.
- Is your credit in good shape?
Your credit report will help determine what kind of home loan you can get. Uncle Sam requires the credit agencies to provide a free report every year – get yours here.
- How much are homes going for in your dream neighborhood?
The National Association of Realtors can help you search by zip code, by price, and even by number of bedrooms and bathrooms.
- How much do you have for a down payment?
Twenty percent is ideal, but it’s also the biggest hurdle for many first-time buyers. You may be able to purchase with a smaller down payment, but that will require private mortgage insurance.
- Are you excited to finally have a place to call your own?
Let us help you get started! Contact one of our Mortgage Lenders to get pre-approved–it’s free, quick, and easy!