|
Are
You Ready?
The following questions will help you to determine if you are ready
to buy a home:
Question
|
Yes |
No |
| Do you
have a steady source of income? This usually means having a
job or other source of income. |
|
|
| Have you
been employed on a regular basis for 2-3 years? |
|
|
| Is your
income reliable? |
|
|
| Do you
have a credit history? Have you ever borrowed money for any
purpose? |
|
|
| Do you
have a good record of paying bills? |
|
|
| Are you
able to pay your bills and other debts? |
|
|
| Do you
have the ability to make a mortgage payment every month, plus
handle additional costs for taxes, insurance, maintenance, and
repairs? |
|
|
| Do you
have money saved for a down payment and closing costs? |
|
|
If You Answered
“Yes” to All These Questions…
…you may be ready to buy a home.
If You Answered
“No” to Any of Them…
…you might need to correct those areas first. To correct any
areas, or to learn more about buying a home, look for homebuyer
education classes in your area. These classes are a good source
of information and will help prepare you for home ownership.
Do These
Questions Look Familiar to You?
They are very similar to the “Three C’s” that
we discussed in the “Borrowing Basics” section. Lenders
will ask you questions like these when they are evaluating your
credit history. For more information about this process, see the
“Borrowing Basics” section of the Money Smart course.
|
