Rating 4.6

Getting Ready to Buy a Home

Purchasing a home is a huge step, and the Columbus local movers want to make sure that you are ready for it! Many people still feel owning a home is an essential part of their life, so we want to ensure that the process is as low-fuss and high-result as possible. As you decide if the time is right for you to buy a house, here are some things for you to consider.

Your debt. How much debt are you currently managing, and how much can you afford to take on additionally? A mortgage is no joke and it is a commitment that you will have to financially prepare to maintain for many years. If you are already struggling to make ends meet or are very far spread on credit card and bill payments, now might not be the ideal time to take out a mortgage and incur a huge lump of new debt.

Aside from existing debt and the mortgage, you have to also plan for the unexpected. Appliances and other areas of the home might break down, and when that happens, it is your financial responsibility to fix these things. Having a landlord in these situations can be a reason why many choose to put off owning a home.

For these unexpected costs, it is recommended to have a savings account or emergency fund in place. This “rainy day” fund can be the difference in making your mortgage payments or falling into foreclosure, so it is certainly an important facet of a financially healthy life.

Consider your job stability. A reliable income is important, and showing you, as a buyer seeking financing, can maintain a job for an extended period of time is important to the lender who will be considering your home loan. Lending facilities do not like to enlist high risk borrowers, so the more stability you can demonstrate the better off you will be.

Down payment. How much money do you have saved up to use for the down payment on a home? In order to competitively bid and to negotiate reasonable mortgage payments, you want to put down at least 20 percent in cash.

Once you have considered and implemented all of the financial aspects of buying a home, it is time to start searching through available properties to find your dream home. Here at the Columbus movers, we know that the time couldn’t be more right to buy. We hope to see you soon in Columbus!