So you think you’re ready to buy a home, huh? Or maybe you’re a little unsure? Here are some signs you might be prepared to make the jump and purchase a home.

You have a stable income. 

After the impact of COVID-19, you may have learned that your income might not be as stable as you thought. To buy a home, you need to be secure with where your income is coming from for the next few years and prove a history of stable income. 

You plan to stay in the same area long-term. 

Purchasing a home is a long-term investment. Do you envision yourself living in the area for a while? Or could you see yourself moving within the next few years?

You have enough saved for a down payment, closing costs, inspection costs, etc.

While the amount of a down payment can vary depending on what type of mortgage you get, you will also need to factor in the costs for getting the home inspected, closing costs, and much more. After looking at your account, is this something you could comfortably handle?

You manage debt responsibly.

Those who have a history of managing debt responsibly often get more favorable terms and loan amounts from mortgage lenders. Your credit score can reflect that, as well.

You have an emergency fund. 

We recommend having enough saved for about six months’ worth of expenses saved. Additionally, homes often require repairs that you weren’t anticipating. Even if the one you purchase doesn’t require many repairs, it is always wise to build a fund for the future. 

These indicators are not the be-all-end-all of your readiness to buy a home. Ultimately, it is up to your unique financial situation and your comfort level. If you’d like to start taking the steps*, we’d love to help. To get started, click here.

*See website for details. Equal Housing Opportunity.