First-Time Homebuyer Q&A: Part 1
By Heather Faucher | Posted on June 25, 2009 | Filed Under Real Estate
Many first-time homebuyers know next to nothing about the whole process, and often have a ton of questions they need to find answers to. While finding a reputable real estate agent or experienced real estate attorney can be one way to find the answers to those questions, this series of posts is going to attempt to answer some of the burning questions first-time homebuyers have as they start the process.
1. HOW DO I KNOW IF I’M READY TO BUY A HOME?
The following checklist is a great one to use to honestly assess your readiness:
–Have I had a steady source of income for 2-3 years? Is that current income reliable?
–Do I have a solid track record of paying my bills in a timely manner?
–Do I have a limited amount of long-term debts, like car payments?
–Do I have money saved for a down payment?
–Can I truly afford a mortgage payment every month, plus any additional costs such as insurance?
If you answered yes to most of these questions, you are likely ready to at least consider purchasing your own home. And if you answered yes to ALL of them, chances are it’s the right time to start researching and house hunting!
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