You may have heard the saying, “Homes aren’t sold, they’re bought.” This may be true, however, they’re bought by people who are ready to buy. What are the pieces of the ready-to-buy puzzle? Let’s take a closer look at them and see how or if they fit together for you.

Renting’s Got You Down

You recently woke up and said to yourself, “I’ve been throwing away money for years on rent and I have nothing to show for it!” Not only that, but perhaps there are a handful of repairs that your building management hasn’t gotten around to fixing, and you’re tired of having no garage and no space to entertain. If you’re experiencing some or all of these common rental blues, you may be emotionally ready to buy a house.

You Have a Budget

If you handle money well, pay your bills on time and live on a budget – most of the time – you should know immediately if you can afford a house. We’ve all heard stories of people who are “house poor,” those who live in a great neighborhood in a large home that’s empty. You don’t want to live like that, so if you know how much you can afford to make a monthly mortgage payment (including, taxes, insurance, homeowners association fees, repairs, etc.), then you may be financially ready to buy a house.

The Score Is in Your Favor

When you’re winning at the game of managing your monthly payments and debt, your credit score will reflect your skill. If the score is not in your favor – you have too much debt against your income or too many past-due accounts – you’ll have to find another way along the road to buying a house, such as: waiting until your situation improves, earning more income, eliminating much of your debt or saving for a substantial down payment.

Your Down Payment

A penny saved may be a penny earned, but it’s going to take more than pennies to buy a house. In fact, homebuyers may have anywhere from 3 to 30 percent of the price of a home saved before they’re ready to make the move to home ownership. Remember, too, that closing costs, taxes, insurance and other fees are due at the time of purchase. So, the more money you can save to make your down payment, the better position you’ll be in when it comes time to write the check.

Are you ready to buy a home? You can count on the expertise you’ll find with Ed Currie to help you finance or build a new home. Since 1994, Ed has assisted thousands of clients and families buy, refinance or build their home with total closed loans of more than $2 billion. Contact Ed with your specific needs or call 847-214-2404 today.

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