Posts from November 25th, 2019
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6 Signs You're Ready to Buy a Home
November 25th, 2019 by Coldwell Banker Tomlinson
Homeownership is an important financial goal for many Americans. Although renting provides flexibility, there's nothing quite like owning a home. You can call your own. So how do you know when the time is right to start looking at Boise homes for sale? Our REALTORS® share some important factors to consider before you dive into buying a home.
- Your credit is in good shape.
Getting your debt and finances in shape before applying for a mortgage is vital. The higher your credit score, the easier it will be to get a mortgage with a low-interest rate. If your credit score is low, you may not qualify for a loan at all. Lenders also look at your debt-to-income ratio, or DTI, which involves adding up all monthly debts then dividing them by your gross monthly income. The lower your DTI ratio, the better. - You've saved enough for a down payment.
There are plenty of home loan programs that require much less than the traditional 20 percent down. Some FHA loans require just 3.5 percent down, and government loans such as those guaranteed by the US Department of Veteran's affairs require no down payment. Shop around and look for loan programs to see which one will best fit your needs. Make sure you also have enough set aside for closing costs.