Not everyone is ready for homeownership at this point in his or her life. However, you may very well be ready and not even know it. Here are some things you should take a long, hard look at if you’re questioning whether you’re ready to buy a home or not in the near future.
Your job: Is your job stable and long-term? A lender will take this information into account, along with your salary, to determine if you’re a good mortgage candidate. For your own well-being, it’s also good to know that you’ll be able to stay on top of your monthly mortgage payments.
Location: Are homes affordable where you live or might like to? In order to stay close to work, school, friends and family, you may have to pay a little more. That said if you’re fine with moving further away or commuting, there are more options available to you.
Credit: Request a copy of your credit report at least once per year to ensure you’re in a good place financially. Even if you’re diligent in paying your bills on time, mistakes or false reports can happen and you don’t want a lender considering these if they’re not your fault.
Who can help: A real estate agent is your greatest source of information during the home buying process. If you have any questions or concerns, they can offer valuable advice to set you up for success. A mortgage broker can also be extremely helpful in assisting you with your choice of mortgage if you do decide to buy, because one type could cost you much more than another type in the long run.