7 signs that you’re ready to buy your first home
From MoneyTips: For years, you have been dreaming about buying your first home and now you are debating taking action. Are you ready to enter the home buying market? Consider these seven signs before taking the plunge.
1. Having job security — Mortgage loan approvals require a steady regular income. Is your employment situation secure enough that you can commit to buying a home? Being out of work is bad enough, but being out of work with a brand new mortgage is disastrous.
2. Commitment to the area — Generally, realtors recommend that you plan to stay in a home for a minimum of five to seven years. If your situation is still fluid, buying may not be for you. Buying a home is a long process, and you do not want to have to sell one in a rush soon after a purchase. Most of your payments are going to interest in the early years, so you will have built up very little equity.