Owning a home is not just something to take pride in, it’s the biggest investment you’ll make in your lifetime. So, how do you know if you’re ready for this? While there are several benefits to owning a home, this is a huge financial responsibility.
Benefits of Buying a Home
Still not sure if you’re ready to take that giant leap? Here are 5 ways to tell:
- You don’t want to waste any more money on leases or rent – one of the problems with renting is that you have nothing to show for the money you’ve spent on rent. All you’ve been doing is lining the property owner’s wallet. Unlike rent payments, every mortgage payment goes towards building equity in your home.
- You finally have the money required for making a down payment – if you think you have enough money to make a down payment on a home, you’ll need to put down anywhere between 5% and 20% depending on the lender you choose. Furthermore, you’ll need to budget for closing costs, home inspection fees, realtor fees, and title fees.
- You have a good FICO score – this is an absolute must-have when buying a home. You shouldn’t even consider applying for a home loan if you don’t have a FICO score above 600. However, if you start working on this diligently one day at a time, you’ll eventually have the score needed for a home loan. Consider improving your debt-to-credit ratio, paying all your credit card minimums, and requesting a higher credit line.
- You’re ready for the care and maintenance that owning a home requires – since there’s no longer a landlord to handle all the maintenance and repairs, this means that you’ll have to handle everything from lawn care and pest problems to dealing with plumbing and roofing repairs. If you’re up for the challenge, you’re probably ready for homeownership.
- You’re ready to live in one place for a long time – if you’re tired of moving, homeownership enables you to settle down in a way that leasing or renting can’t. If your landlord doesn’t renew your lease or raises your rent, you’ll probably be looking for another place to live. This isn’t something you’ll be worrying about when you own your own home. Not having to move so often enables you to focus on the more important aspects of your life.
We Make Buying A Home Easy
Buying your dream home should be a breeze. We are here to make that happen. To learn more about homeownership, call H.O.M.E. Lending at (209) 477-0262 or visit our website at your earliest convenience. If you have questions or queries, our business representatives are here to assist you.
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