Buying a home is one of the biggest investments you will make in your life, which is why it is so important to ensure that you are ready to buy a home. Ask yourself these questions before you even start looking for homes.
- Can I afford it? A home costs more than just the monthly mortgage payment. Make sure you have budgeted for insurance, utilities, taxes, and maintenance costs.
- Do I have money for a down payment? Most lenders require a down payment of at least 5 percent of the total value of the home.
- How is my credit? You will have a hard time getting a loan if your credit score is below 620. If you do get a loan with a low credit score, it may require you to put down a larger down payment.
- Am I planning on staying for a while? If you do