Determining whether or not it is time to purchase a home can be a daunting process. The biggest questions are typically, “Is now the right time?” and “Where do I start?”
Take a look at these key indicators that will help you determine if 2017 is the time to purchase a home:
How much have you saved?
Financially preparing for a home is essential in ensuring a successful home-buying experience. Do you have enough saved for a down payment? The amount you have saved will not only indicated what your loan interest will be, but also could play a huge factor in whether or not you’re even qualified. If you decide to have a massive garage sale and then apply for a loan the very next day, chances are you won’t get approved. That savings has to sit in your account for a while in order to get approved for your mortgage.
Will this be your forever home?
Now, you don’t necessarily need to find a home you plan on living in for the rest of your life, but you you aren’t even planning on staying there for more than five years...now may not be the right time. Make sure you are looking for a home that you plan on living in for at least five years in order to keep your finances stable as well as ensuring you made a good equitable investment.
Are you buying a home with your partner?
While many bachelors and bachelorettes are starting to purchase a home on their own, there are quite a lot of factors that you need to take into consideration if you and your partner are taking the plunge into purchasing a home. The most important factor? Make sure you are both on the same page on what type of home you want! Do you both have similar wants and needs? If not, then when it comes time for shopping, you may be setting yourselves up for a rough road. Before you even consider buying a home, make sure you and your partner are clear with each other about what you both want in order to have a happy medium.
Now that you have determined that you are indeed ready to buy a home, call Mortgage Advisor! With experts ready and waiting to help you through the entire home-buying process, Mortgage Advisor should be your go-to resource for all things in home-buying.