Are You Ready to Buy a Home? | Journey Home Lending
Did you know that more than 60% of American families own their homes? Are you ready to be a part of this statistic?
Our team at Journey Home Lending wants to let you know the signs to look for when it comes to being ready to add homeowner to your resume.
You Might Be Ready to Buy a House If….
A home is one of the biggest purchases you will make in life. For many people, homeownership is the American dream.
Let’s take a look at ways to know if you are on the right track to being ready for homeownership:
Sign No. 1: Manageable or Limited Debt
While having debt doesn’t mean you can’t own a home, not having too much debt on your record can certainly put you ahead of the game when it comes to buying a home.
Plus, the extra cash you have that isn’t going toward paying off debt can go toward your home in order to pay it off faster!
Rest assured, though, if you are one of the millions of Americans who have student loan debt, that does not mean you cannot purchase a home.
Sign No. 2: A Solid Credit Score
The higher the credit score, the better chances you have to obtain a low interest rate on your home mortgage. As a result, this puts you in a better position for homeownership, since your interest rate makes it easier to enjoy a lower mortgage payment.
Sign No. 3: A Down Payment
If you have a strong emergency fund, savings account and a down payment saved, then you are in a great position to own a home. While a down payment isn’t always necessary with some types of mortgages, it can certainly put you in a better financial state when it comes to homeownership.
Although most places recommend having a down payment of 15 to 20% of the total purchase price, even a smaller down payment can put you in a good position to buy a home because it helps you lower your monthly mortgage payment even more!
Allow our team to be a part of your home journey! Contact Journey Home Lending to learn how we can assist you with your home-buying needs.