5 Signs You Are Ready to Buy Your First Home
Every renter thinks about homeownership at some point in their life. But are you ready to take that next giant leap and buy your first home? Here are five things to consider before you become a first-time homebuyer.
Your Income Is Stable
How are your finances looking lately? If they are in good shape, it may be time to consider homeownership. A stable income means you are more likely to be approved for a loan. Not to mention, you will be able to afford all those extra (or unexpected) housing expenses, such as new appliances or repairs when something breaks.
You Need More Space
Are you planning on growing your family soon? Then you will most likely need more square footage than a rental can offer. Buying a home will give your children more room to move about freely, without invading personal space. You might also enjoy having spare room that you can convert into a home office, guest bedroom or personal gym. Looking for additional inspiration for your extra space? Here are four more ways to utilize flex space in your home.
You Have a Good Credit Score
When you apply for a mortgage, lenders and banks will usually look at your credit score to ensure that you can pay them back on time. A higher credit score often means you are more likely to qualify for lower interest rates on your monthly mortgage.
You Understand the Market
There are several things you need to figure out before you begin the home buying process. These include knowing which neighborhood fits your lifestyle, how the real estate market is performing and what changes to expect in your interest rates.
Understanding market rates often requires thorough research and due diligence. You should consult with a reliable mortgage company to better grasp how things work in the industry. Perry Homes works with two recommended lenders — Crestmark Mortgage and Parkstone Mortage — to ensure your home buying experience is nothing short of exceptional.
You Are Actively Paying Down Debt
You do not have to be debt-free to own a home, contrary to popular belief. Sure, it would be nice — but it is not necessarily realistic in every case. Today’s lenders are more than willing to work with potential first-time buyers who have debt, as long as their debt-to-income ratio (DTI) is not too high.
Buying your first home is an exciting and special experience that allows you to put down roots in a community that you love. Ready to start your journey toward homeownership? Explore and compare Perry Homes’ available properties in some of Texas’ most desirable neighborhoods.