Are You Ready to Buy a Home?
Do you have a growing family? Do you want freedom from renting? There are plenty of reasons to step into homeownership. Still, the Rhode Island or Massachusetts first time home buyer needs more than just good intentions to manage a mortgage. See how you measure up in the following categories, and click here to contact one of our Mortgage Specialists for tips on how to prepare yourself for the home buying process.
Qualities of a Prepared Homebuyer
- Attend a First-Time Homebuyer Education Workshop. Learn about homeownership, the benefits of owning versus renting, the costs of maintenance and home improvements. Taking the time to become an educated first time home buyer will help you learn the price of becoming a successful homeowner for years to come.
- Past employment: Two years or more on the job. This shows the stability of your employment and income.
- Emergency savings: Enough to last three to six months. Maintain a reserve of money to pay the mortgage and other expenses in case of a job loss or other emergency.
- Home budget: Property taxes, insurance and repairs. The costs of owning a home far exceed the mortgage amount. Estimate all of these costs and build them into your budget.
- Sweat equity: Time and money for home upkeep. Depending on the home, you could spend a small fortune (and/or many hours) on repairs, refinishing and redecorating. And there also may be ongoing maintenance such as mowing the lawn, cleaning the gutters, etc.
- Credit Report: Obtain a copy of your credit report and review the information for accuracy. You should order a free credit report in advance of any application to make sure the national credit bureaus are not reporting erroneous negative information that could bring your credit score down.
It’s important to feel good about your decision to buy, and as a Rhode Island or Massachusetts first time home buyer, you need the right information at your fingertips. At BankFive, we can help determine if you’re qualified to buy and how much you can afford. Click here to consult with one of our Mortgage Specialists who will simplify your life by guiding you through the home buying process!