Buying a home is one of the biggest financial investments you’ll make in your lifetime, so it’s important to be sure that you’re ready. With oil priced the way it is right now, industry experts are predicting that home prices will continue to drop, putting buyers in the driver’s seat in the real estate market. And since mortgage rates are still very low, it is a good time to buy.
If you’re a first-time buyer looking to get into the market, here’s five signs you’re ready:
- You have a consistent and stable income: which will make things easier when it comes time to get pre-approved or pre-qualified for a mortgage. Those of you who are self-employed, speak to your mortgage broker about specific requirements for you.
- You have a down-payment: if you don’t have 20% of the purchase price (or more) saved for a down-payment, speak to a mortgage broker about insured mortgage options for you.
- You have great credit: of course, your credit standing will become very important in this process. Having a great credit rating and no debt will be a sure sign you’re ready.
- You’ve crunched the numbers: have you actually calculated what your monthly payments would be and you’ve taken into account bills, etc.? Ask a REALTOR or mortgage broker about what percentage of your income should realistically be spent on housing.
Feel free to contact us anytime if you have questions about home buying. Alternatively, you can always find us on Twitter too.
