Home ownership comes with certain responsibilities. First and foremost is your responsibility to make your mortgage payments. In addition to your mortgage, you’ll need to have money for the cost of moving into your new home, making any necessary repairs, paying property taxes, hazard insurance, and association dues (if applicable), as well as for regular maintenance of the property.

It’s possible that these expenses will amount to more than you are currently paying in rent, although not always. If home ownership is your goal, you may need to alter your personal spending habits in order to afford a home of your own.

We can help calculate whether or not it’s the right time to become a homeowner. A number of factors need to be considered, including down payment, closing costs, monthly mortgage payment, taxes, and insurance, as well as other related costs of home ownership.

In addition to helping you determine whether or not you can afford to become a homeowner, we will help decide approximately how large a mortgage you can qualify for. This process is called “pre-qualification.” We may also be able to get you “pre-approved.” That means actual lender approval for a specific loan amount.

We can also help you by offering available alternatives and options to overcome any potential uncertainties you may have in credit history, income, expenses, and other financial factors.

In addition to being financially ready to assume the responsibilities of home ownership, you need to be in the right frame of mind.

To help you make this important decision, you may want to ask yourself these questions:

• Are you ready for the responsibilities of owning and maintaining a house?
• Do you have a steady income and stable employment?
• Do you anticipate staying in the same geographic location for the next few years or more?
• Have you created a budget to determine if you can realistically afford to be a homeowner?
• Do you have a clear credit record, or are there items in your credit history that need to be explained?
• Do you have a down payment saved, and if not, can you rely on the gift of a relative? (Some limitations usually apply to how much of the down payment can be a gift – we can explain this more fully.)
• Have you been “pre-qualified” to determine how much money you can borrow?
• Are you ready to learn about the many alternatives and options available for home financing?

If you can answer “yes” to all of these questions, you are on the way to becoming a homeowner.

Contact Us for more details about the advantages of home ownership, as well as answers to any questions you may have regarding your ability to purchase your piece of the American Dream.