A House Begins As A Dream.
Owning a House is not in everyone’s lifestyle. Are you “ready?” In our previous blog, Palm State Mortgage shared some encouraging facts about the current Florida market for home ownership. In spite of our optimistic statistics, we would not want you to jump into a mortgage situation without understanding the full financial impact.
Thus the previous blog also introduced five ways to know if you were ready to assume the responsibilities of owning your own house.
“Ready or not, here we come,” is a fun expression for children playing a game. Unfortunately, some home buyers enter home ownership with the same attitude.
At this point, we suggest you refer back to our most recent blog article. There you can discover for the first two ways. And we will begin with the third way to know if you are ready to buy a home.
Owning A House: How to Get Your Heart, Mind and Budget Ready!
As we have said before, a home is one of the largest purchases you will make in a lifetime. You need to completely understand the daily financial commitment of it. Only then can you can be fully aware that the decision to own your own home is right for you.
- The Happy House Location: This is so very basic to home owner’s joy. It is ranked number one by the experts at the online publication, Workable Wealth. For years we have said you should be committed to living in a home for ten years before you buy it.
Currently, many realtors and bankers say you should feel like you will enjoy living in the home for five years before relocation. We agree that, “If you’re thinking of relocating or moving, you may want to wait until things are more settled to buy for the long-term. A turnaround sale could have you losing money right off the top.”
- House Payment and Down Payment: We very often see people house hunt with only the mortgage payment amount in mind. However, every home requires more on the price tag—a sizeable down payment. From 3 to 20 percent of a house purchase price must be saved and paid independently before the monthly home payments even begin. If you cannot save up a down payment, you might get stuck in a poor budget situation with a crushing private mortgage insurance payment.
Buying A House: Is It Part of Your Style?
It’s no surprise that some families put a character on their “house.” In fact the house can become the most demanding character in a family group. It always needs something!
5. Your House and Job Stability: According to Forbes, some house hunters never consider the possibility of losing their job security. Yet, we have all seen economic shifts affect jobs and employment.
Couple decides they are ready to own a house. Palm State Mortgage Company helps!
Did you know that mortgage lenders as well as brokers, like Palm State Mortgage Company, prefer to see you have held the same job for 2 years? Another practice of mortgage lenders is to “calculate your average income based on your job history for the last 24 months.”
Likewise, lenders have decided that “Being on the job that long shows a certain stability and changing jobs or having an income gap signals insecurity.”
At Palm State Mortgage, we will help you stay on point with every step of the mortgage process. However, you also have to individually decide you are ready to take the steps needed to attain your own house.
Although this is an Age of Optimism for homeowners. You also need to search your heart and your budget. You need to personally decide if owning a home is really part of your lifestyle. Find more key questions to ask yourself about this lifestyle at the online publication, Smart Asset.
In the end, it is not Palm State Mortgage’s optimism about home ownership, but your own commitment that will put a house into your future…and keep it there.
