Sending off money for rent every month becomes increasingly painful, but that alone doesn’t necessarily mean you’re ready to make the leap to becoming a homeowner. However, if you find yourself continually browsing real estate listings and checking your credit score, then you may be on track. Here at Assist-2-Sell Amarillo, we help everyone who’s looking into buying a home.
We know how stressful and complicated the process can be, which is why our blog is your go-to resource for all things home-buying! Keep reading to learn if you’re ready for buying a home, and then contact us today to get started.
It’s probably not the right time to start paying down a mortgage if you don’t have a steady job or income. Check out our mortgage calculator to give yourself an idea of what to expect in monthly payments. When you make the decision to buy a house, you should know that you have the funds necessary for your mortgage.
Having some credit card debt or student loans certainly doesn’t mean you can’t get started buying a home. However, it’s wise to owe as little as possible so you can focus on your down payment, mortgage, and other costs associated with buying a home.
Down Payment Savings
Speaking of down payments, you’ll want one! Putting at least 20% down can improve your chances of having a lower rate and monthly payment, but 20% can also be a difficult number to reach with today’s real estate climate. Save as much as you can and make sure you’re well-prepared for additional expenses.
Securing a large down payment certainly doesn’t mean that you should take money away from your long-term savings and emergency fund. This will come in handy for unexpected home repairs, job losses, or significant changes in your financial status. Experts recommend having a minimum of three months of living expenses in your emergency fund.
High Credit Score
The higher your credit score, the more likely you are to close on a house and secure a desirable monthly payment. If you’re not quite there, then there’s no harm in waiting another year or so before buying a home and trying to improve your credit score.
Finally, you’ll want to make sure you have a long-term plan. It doesn’t make sense to buy a house in Amarillo, for example, if you’re going to move within a year or two. Be sure that you’re ready to put down roots when buying a home.
Buying a Home in Amarillo? Get Help Today
Check out some of our other blog posts for first-time homebuyers:
- 5 Necessary Steps for the First-Time Homebuyer
- 7 Costs to Consider Before Buying a Home
- Buying a Home? Make Any Home Your Dream With These 4 Tips
- How Buying a Home Now Can Actually Save You Money
- Renting an Apartment vs. Owning a House
If you’re interested in buying a home in Amarillo, then Assist-2-Sell can help! We have access to new listings and can make looking for a house more enjoyable and stress-free. Contact us today!