Are You Ready? A Quick Financial Quiz for Those Considering a Home Loan
You’ve read all about mortgages online. You’ve talked to your friends, family members or perhaps your significant other. You may have even asked your financial advisor for advice. However, you are still not sure if you are ready to buy a home and lock yourself in to years of house payments. This is understandable! Buying a house is a huge decision. However, sometimes it just comes down to putting things on paper so you can know if it’s the right choice or not. That’s why we created this simple quiz to help you decide if you’re ready to say YES to a mortgage.
- Have you been thinking about buying a house for at least 2 or 3 months?
- Are you good at budgeting your money?
- Do you have a good credit score? If not, are you committed to improving it?
- Do you have a steady job or source of income?
- If you are married or in a long-term partnership, does your partner support you?
- Have you determined what area you would like to live in?
- Do you have your debts under control?
- Can you handle your current expenses PLUS a mortgage?
- Do you have money for a down payment and/or closing costs?
- Do you know where you will be in the next five years or so?
- Have you connected with a lender to discuss your plans/needs?
- Do you know how much house you can afford?
- Could you get preapproved for a loan?
If you answered yes to all or most of these questions, you are probably ready to stop putting it off and start looking for a home.
If you’re still not sure, that’s okay! There is one other person you should discuss this matter with—your lender! Reach out to us at Liberty Financial today and let us help you decide if home ownership is right for you. Our goal is always your satisfaction and we want to make sure you are comfortable with the decision you’re about to make. We look forward to working with you!