Are You Ready to Be a Homeowner?

Buying a home is by no means an easy process. It takes planning, preparation, and a lot of patience. Before you take the plunge and decide now is the time to buy your first home, be sure you're ready for what that means. If you're not completely sure that you're ready for this endeavor, the following tips can help you decide if now is the time to do it.

Before deciding to buy a home, you first have to be sure you can afford such a large investment. This doesn't mean you have to be ready to pay for the home in cash, but you will have to be a good candidate for a home loan. Lenders will be hesitant to give a loan to someone who they don't think will be able to make monthly payments. This means your financials will be looked at, so you want to be sure they're in order and that you're in good financial standing. If you have outstanding debts, this won't help your cause. Having debts can make lenders think you may not be able to make a house payment as well as other payments every month. To improve your chances of a getting a home loan and a good one at that, ;take care of your debts ;first. Once these are paid off, you'll be a better candidate for a home loan.

Another item that mortgage companies will check in on is your credit score. Without a decent credit score it can be hard to snag a home loan, so don't ignore your credit. If you do manage to get a home loan you may find that your repayment options aren't the best. To avoid getting stuck with a less than ;ideal ;mortgage, check your credit score before you even start shopping around for homes. This will let you know where you stand so that you can make your next move. If your credit score isn't where you would like it there is plenty you can do to fix it before reaching out to a lending company. A great way to boost your credit score is by paying off your credit cards and any other debts you have. In the meantime, avoid large expenses and don't open any new credit cards.

If you've decided you're ready to take the plunge and invest in a new home, don't forget to include ;title insurance in ;Fort Myers, FL ;in your plans.Without ;it ;you risk major losses. Contact ;Schutt Law ;to learn why ;title insurance ;is so necessary when buying a home. Give them a call ;at ;(239) 540-7007 ;to learn ;more.

Since your financials will be checked thoroughly, you also want to be sure that you have some savings ready to make your purchase. Again, you won't have to have enough to pay cash for the home you have your eye on, but some savings will be needed in order to pay for some upfront costs. To start, you'll need to be able to make a downpayment on the home you want. Oftentimes, a 10% downpayment is the minimum you'll be asked to make. On top of that, you have to be ready to pay closing costs, your real estate agent's fees, fees associated with moving, home insurance, and other hidden fees. Without ;savings ;this can get very overwhelming. If you don't currently have enough in your savings to do all of this comfortably, hold out a little longer. Create a budget for yourself that will allow you to save up a target amount before you start looking for a home or applying for a mortgage.

Buying a home means you'll have to stay put for a while, so be sure you're ready to settle down and stay in the same location for ;a at ;least ;next ;few years. If you haven't really figured this out yet, it may not be a good idea to go through the home buying process only to decide you want to move somewhere else soon. Selling a home is also a bit of a hassle and you can often lose out because of fluctuating home prices. Don't let anyone pressure you into buying a home even if your financials are perfect. If you're not ready to stay put, wait it out.

;If you've decided now is the right time to purchase a home, remember to also purchase ;title insurance ;at ;closing. ;Running a title search can help ensure there are no clouds in the title that can put your investment at risk. ;Contact ;Schutt Law ;at ;(239) 540-7007 ;to ;get your title search started.