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We’ve been talking all about the process of buying a home since the new year started, and if you’re on the fence about buying a home in 2021, well, it’s a great time! Interest rates are fantastic, and at New Way Mortgage, we make the process of getting a mortgage for that shiny new home as easy as it can possibly be. Not quite sure if it’s time to take the plunge? Here are some signs you’re ready to be a homeowner.
1. You’re Ready to Settle Down
Homeownership usually comes with a desire to settle down in one spot. While that doesn’t mean you have to stay forever, it often doesn’t make sense to buy a home if you’re still test driving the ideal place. That’s because buying a home comes with costs that don’t make much sense if you’re still transient.
A home is an investment, and the longer you hang onto it, the more it’s worth. Buyers who stay at least three years are most likely to gain enough equity for buying a home to be worth the cost.
2. You Want to Control Your Monthly Payment
One of the downsides to renting is never knowing when the monthly payment is going to go up. For some, it rises annually, and nothing’s more annoying than watching that rent number slowly creep up.
With a fixed-rate mortgage, the monthly payment is the same for the entire life of the loan. That brings a lot of peace of mind, and it sure is easier to budget. (Thinking this much about budgeting is definitely one of the key signs you’re ready to be a homeowner.)
3. You Want Control Over Your Living Space
There’s so much freedom that comes with owning a home. As the owner, you get to do anything to it—wallpaper the powder room, add on a master suite, or paint the siding red (though we might not recommend that last one). You can also make the home functional for your needs—a laundry room can turn into a home office, and no one’s there to say no.
Another perk? All the pets your heart desires. No more one-dog rule, and no more pet deposits. Also, can we say amen for no more dance parties keeping you awake at 2 a.m.? This is where the perks of homeownership come in, my friend.
4. You’re Ready to Give a Home Some TLC
There are no two ways about it. Homes need tender loving care. If you’re feeling ready for the responsibility of maintenance and upkeep on a home, it just might be the right time to own one.
Maybe you’re looking forward to raking leaves, planting flowers, or figuring out what’s wrong with the garbage disposal instead of waiting for the landlord to send someone over to look at it. If so, it’s time to find a home to love.
5. Financial Stability
Financial stability is another one of those all-important signs you’re ready to be a homeowner. Financial stability includes things like:
• Good credit
• A steady job
• A fund for a down payment and closing costs
• An emergency fund for rainy days
• A responsible debt load
While not all of these things are always 100% necessary to buy a home, they typically indicate the ability to make mortgage payments and care for a home.
6. Buying a Home Aligns with Future Goals
Does buying a home right now align with your goals for the future? There are plenty of things to think about.
Do you want to quit the 9-to-5 and start a business? If so, it may not be the right time for a mortgage. If you’re dating someone but aren’t sure about buying a home together, it might be worth waiting. These are things to consider when deciding how buying a home fits into future plans. Careful planning can prevent buyer’s remorse down the road.
7. Know What You Want
Do you know what you want in a home? If you’re waffling between wanting a trendy penthouse and a five-bedroom home in the suburbs, it’s smart to wait until you’re a little more certain.
Ready to start the process of buying a home? Give us a call at (916) 469-6639 or go here to start the application process. We are here to help make the mortgage side of things go as smoothly as possible!