Is it time to get a mortgage and leave behind the rent? Not everyone is ready to live the American dream of home ownership, but many people are. Look at the six signs below that indicate you’re ready to change your life and become a proud homeowner and make the move soon if this is the right decision for your needs.
1. No More Debt: If you’ve managed to pay off or otherwise clear debts, you are not only working toward a better credit score, but better financial responsibility. It is a sign that you are ready to buy.
2. Tired of Paying a Landlord: Are you tired of giving the landlord hundreds of dollars to pay for his home each month> It makes little sense to buy someone else’s home for them when you can spend that money on your very own home.
3. Credit Score: Improving the credit score happens when you reduce debt and pay your bills on time. You should start looking at the many amazing houses for sale in suffolk va when your credit is 600 or better. The higher your credit score, the lower your interest rates and higher your approval odds.
4. Steady Employment: You want to be secure in your job. The worst scenario possible is losing your job right after you sign on the dotted line of a mortgage. If you’ve been on the job many years and are certain that you’re there to stay, maybe you should consider buying your home.
5. Money, Money, Money: Have you received a substantial raise in income levels? More money means ease when buying a home. Maybe it is time.
6. Down Payment: Although you may not need the typical 20% down to buy a home, you do need a nice chunk of change to put down to buy your place.