Have you been dreaming about a larger or more luxurious living space? Or perhaps just want to experience the joy of home ownership and building your net worth instead of renting? Let’s explore a few questions that can help to answer if you’re ready for a new lifestyle as a homeowner.
Can You Realistically Afford To Buy A Home?
The first decision to make is purely financial: can you afford to buy? Purchasing a home is a significant monetary investment and in most cases, you’ll need to manage monthly mortgage payments for many years. However, home ownership is more affordable than you might think, and if you’re a stable renter, chances are you are actually contributing to your landlord’s mortgage already.Do You Have Your Down Payment Saved?
If you’re confident that monthly payments aren’t a problem, the next step is saving enough to cover your down payment. While all loan scenarios are unique, planning for a minimum down payment of 3% is generally a good place to start. That said, upfront costs can be lessened by utilizing down payment assistance programs.Do You Know What Type Of Home You Need?
Once you’ve cleared all of the financial considerations, you will want to decide exactly what kind of home you need. If you’re a single young professional, a condo or townhouse might be the perfect starter home from which you can later upgrade. Alternatively, you may want to consider larger homes in suburban areas with more space and planned communities, or rural areas that allow for greater acreage.Are You Ready To Set Down Roots?
Finally, it’s worth taking some time to decide whether or not you’re ready to emotionally and physically invest in your local community. Is your career stable enough that you won’t be moving for a few years? What about that of your partner or spouse? Do you envision having children in the future? Have you considered social opportunities and nearby amenities? Answering all of these questions will help you choose the right neighborhood. When you are ready, our professional team is here to help you find the home of your dreams. To learn more about buying in your area or getting approved as a first-time buyer, contact us today.Latest Articles
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Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.
