There comes a time in every renter’s life they ask themselves if it’s all worth it. Whether it’s the paper-thin walls, the incompetent front desk workers or sub-par amenities, renting has its drawbacks. Deciding if it’s time to make the big switch to home ownership can be challenging. Tenants experience a “strings free” life where they’re not responsible for taxes, maintenance or interest on their apartments. While freedom from this responsibility is tempting, the benefits never last. Below are some of the reasons you should make the big move.
Your debt is under control and your credit
Lenders often assess your ability to repay loans by looking at your credit score. If your debt and credit are under control, it’s probably a good time to think about buying a home. Your credit score is based on a number of factors, including how good you are in repaying debts, how much credit you have used and many more.
You’ve got enough for the down payment – and then some
As a first-time home buyer, that down payment will most probably be the single largest investment you have ever made. However, financial obligations don’t end at the down payment. You will need ample monetary resources to finance your home. Particularly due to the unforeseen expenses that are associated with a home acquisition.
In the past, many homeowners were overly fixated on shelling out a 20% down payment. Nowadays, you can buy a home for as low as 3.5 percent down payment. On a $600,000 home that is just $21,000. However, don’t forget taxes, insurance and closing costs. Also, money for furniture and repairs help turn a building to a livable home. These expenses will easily add thousands of dollars to your bottom line.
There is not much worse than buying your dream house and not having a penny left to fix it up. If, however, you can afford a down payment that allows upgrades and room for breathing, you are on the right path to home ownership. You can reach out to DFW real estate agents for more information about home buying.
You have a stable job
There are many requirements to meet as first-time home buyer when applying for a mortgage loan. Lenders will look at your income, credit score and debt levels. In addition to that, they will also check your employment history.
In most cases, lenders prefer to lend to borrowers who have worked in the same field for more than two years. Banks are hesitant to lend to individuals whose employment status may be subject to change. This is because banks need to be able to establish your source of income. If you are employed full time at a company for an extended period, banks know that your livelihood is secure. Thus, they are more likely to lend to you.
Your family’s grown
Home ownership gives you and your family a sense of security and stability. A home is a place where memories are stored, comfort is found and bonds are strengthened.
In many cases, people are inspired to purchase a home when they find they have too many people in their family for the number of rooms. DFW real estate can help you find a perfect place for your family.
If the above points apply to you, it is time to talk to Grand Homes. We will help you find your dream home. Contact us today for information about available homes, designs and any question you may have.