With mortgage interest rates at an all-time low, many first-time homebuyers are ready to buy. But are you really ready?
Why Do I Want to Buy a House?
Before you start house shopping, ask yourself why you want to buy a house. Many first-time homebuyers are pressured into buying because family and friends push them. They convince first-time buyers that mortgage interest rates are so low that now is the right to buy. While it’s true interest rates are at an all-time low, buying a home for the wrong reasons often results in disaster. Instead, buy a house because you want a stable place to live or a place to call “home”.
Can I Really Afford It?
Do you feel safe enough in your job to commit to a 30-year mortgage? Do you have enough stashed away in savings to cover your mortgage for six months? Being able to answer “yes” to these two questions is important for your financial security when buying a house. It’s important that your monthly mortgage payment be affordable. Some lenders may approve you for a loan that is more than you can comfortably afford. Plus don’t forget that your monthly mortgage payment is only the beginning. You still have to pay homeowners insurance, property taxes, as well as pay for maintenance, repairs, and the inevitable home improvement projects.
Will I Want to Live Here in 5 Years?
As you’re searching for neighborhoods and homes, imagine staying there for five years. Do the homes, neighborhoods, and cities have everything you need to be happy? Is the house big enough to accommodate a growing family (if you decide to have one)?
Without a doubt, now is a great time to buy a home. Just make sure you’re buying for the right reasons. When you’re confidently ready, give me a call, I’d love to help you buy your first home! 602-329-7782