Are You Ready To Own A Home?

By Doherty • June 25th, 2011
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Have you been renting and would like to own a home from Chicago Homes for Sale from for instance? But is your income stable and steady? Are you paying your bill on time?? Is your credit score good?? Is your savings account enough to pay for the down payment and closing costs? Are you eligible for a financing loan?

These questions are just some some of the questions that can help you assess one’s readiness for home ownership. However, if you answered yes to all of these questions then more likely you are ready to become a homeowner.

Save for your Down Payment

The rule is – the more you have for a down payment, the better. So if the house you are interested in buying is worth $150,000, you must have $30,000 so that you can pay for the upfront, and lower your mortgage debt every month.

Review Your Financial Condition

You have to determine your debt to income ratio so that you’ll have an idea on how much debt you have . Then estimate your net worth so you can calculate your net worth.

Evaluate your credit score. If you have missed payments and have been making one then this could have affected your credit score. If these were the financial facts, then you are not ready to buy a home from  Lebanon Ohio Real Estate.

Is your credit score not so good? Well, you can still find a lender to allow you to borrow money to finance your home. However, you will just pay for this in a higher interest rate.

You are ready to buy a home if…

1. You have a steady job and stable work history.

2. You have a good credit history.

3. You must have at least 10% for a down payment.

4. You are planning to live in the home you want to buy to for at least seven years.

Home ownership is a serious decision so before you put your foot forward, it is just right to ask yourself first the question, “Am I ready to own a home?” If you answered yes, then how do you know that you are indeed ready and can afford to buy a home from Concord NC Homes with all the costs that go with its purchase? You should have saved enough for your down payment, your financial status must be good, and you must definitely have a good credit score.

 

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