Owning your own home is part of the American Dream, but is there a best time to buy your first house? For those who are seriously thinking about homeownership, there is a distinction between wanting a house and being ready to buy a house. Since buying a home is a huge financial investment, make sure your timing is right when you contact a mortgage loan company to get the process started.
4 Signs It’s the Right Time to Buy Your First House
1. You Have a Steady Income
Owning a home means paying a monthly mortgage, and paying that mortgage means you need a steady income. Having a bi-monthly or monthly paycheck means you can make all your payments on time.
2. You Can Afford the Down Payment
Speaking of payments, you’re going to have to be able to make a downpayment on your home, which means you need to have a certain chunk of money saved. It’s also a good idea to have money saved for closing costs on your house.
3. You Have Good Credit
Getting a good mortgage loan depends on having good credit. Ideally, your credit score should be at least 750 or higher, and you should have a history of paying off debts on time and having very few debts on your credit report.
4. You Found a Mortgage Loan Company
You’ll also want to find a reliable mortgage loan company, and since you’ll probably be using this company for years until the house is paid off, it’s important to make sure you mesh well with the company values.
Knowing the right time to buy your first house means paying attention to your financial health by having a steady income, an adequate amount in savings, and good credit. You also want to find a knowledgeable and honest mortgage company. Contact Bjornson Mortgage Team today to explore your financing options.