Am I Ready to Buy a Home?
Are you planning on buying a home but are wondering if you’re really ready to buy or not?
If so, you’ve come to the right place!
Although most people think they are ready to buy a home the reality is that they are not because, there are one or more things which could hurt their ability to get pre-qualified for a mortgage loan or even purchase the home they really want.
Thankfully, in this video, we will answer the question of “am I ready to buy a home?” and provide you with a path to follow which will help you through the home buying process.
How to Get Ready to Buy a Home
Do you currently own a home?
If so, the first thing that you need to do is get the financial aspect of the home buying process ready to go.
This means that you must determine if you need to sell your current home so you can use the proceeds of that sale to purchase your next home, or you must confirm if you want to keep your first house, rent it out, then take out a second mortgage loan on another home.
If you don’t currently own a home you will need to save at least the recommended 20% for a down payment, verify your credit score, lower your debt-to-income ratio (if possible) and speak to a mortgage lender about getting pre-approved for a mortgage loan.
Determine What You’re Looking for In a Home
Once you have your finances in order the next thing that you need to do is determine what you’re looking for in a home.
- How many bedrooms/bathrooms should the home have?
- Square feet?
- School district?
- Shops and stores nearby?
- Walkable neighborhood?
Once you ask yourself these important questions the next vital question you must ask yourself is what will your house payment, out the door, every single month?
After you know what your mortgage payment is going to be you should then determine if you need that payment to be a little less, or if you can afford more, just so your monthly mortgage payment will not bust your budget.
Search for Homes in Southern California
To get started with searching for homes in Southern California contact Fred Sed Realty, today, by calling us at (800) 921-9231 or connect with us online.