When Is the Right time to buy your first home?

Dated: 03/19/2018

Views: 23


Are you growing tired of renting? Or perhaps you’ve recently graduated from college and are looking to set down some roots? Whatever the case, buying your first home is an exciting prospect. Let’s take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.

#1: Is Your Credit In Good Shape?

How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating. If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren’t late with any payments and have cleared off any black marks from past credit problems.

#2: Can You See Yourself Living In This Community?

Do you love the area where you live? Or are you thinking about moving to a community that you like a bit more than your current one? Perhaps it’s the local shops, the amenities, the walking trails or just being closer to work. It is always best to ‘love where you live,’ so ensure that you are buying your first home in a community that you can call home.

#3: Is Your Job Situation Stable?

Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.

#4: Are You Planning To Have Children?

Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them? As your children grow older, their needs will change. They will probably need a bit more space in their rooms. If you have a couple of young kids sharing bunk beds, each will need their bedroom soon enough.

When you’re ready to buy your first home, our friendly mortgage team is here to help you find the perfect financing. Give our offices a call, and we will be happy to meet with you to discuss your needs.


 

Latest Blog Posts

Converting Closets to Office Space

For many, the dream is to have a significant home with lots of living space. Unfortunately, having lots of space is often too expensive or not possible in the area where you live. When someone works

Read More

Upgrading your Home’s Exterior

There are a lot of things you can do to add value to a home. You can upgrade a kitchen, add another bedroom or do your best to stage the house. When most people look at home, the first impression

Read More

The Advantage of Buying over Renting

Even back to the early beginnings of America, it has always been the dream of the citizens to own a piece of their property and to be able to own their own home. Though it is a pretty significant

Read More

What you need to know about HOA fees

If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA

Read More