Owning a home is the American dream. When you own a home, you’ve achieved success and status and it certainly feels good from the inside out. But, are you ready to buy? Whether you want to purchase a home down the street or have thoughts of creating your own custom designed home wichita, do not rush into the decision until you are ready. The four signs below are indicators that you are ready to buy a home.
1. You’ve saved up enough money for a down payment. Typically you’ll need 10% to 20% to put down on the home, as well as funds for closing costs. This equals anywhere from $10,000 to $20,0WW00 for a $200,000 home.
2. Your credit score is at least 650, preferably better than 700. The better your credit score, the better the odds of a mortgage approval and the lower your interest rates. Check your credit reports and scores and make improvements where applicable.
3. Are you tired of paying a landlord only to help buy a home for him? That is essentially what you are doing as a renter. You can make yourself a homeowner just as easily as you can make a landlord. It makes sense to help yourself instead of the next person, wouldn’t you agree?
4. You understand the financial obligations that come when you buy a home. This may include property taxes and fees, HOA fees and commitments, upkeep of the property, and more. It takes money to handle these tasks. Are you prepared?
If you are ready to buy a home, get ready for many exciting things to come in your very near future. Nothing will make you happier than signing on the dotted line of that mortgage agreement. Aren’t you ready to own a home?