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QUIZ: Are you really ready to buy a house?

buying a home
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Oct. 19, 2017. Is it a good time for you to buy a house? Take our quiz.

How long have you wanted to buy a house?
Why do you want to buy a house?
How long do you plan to stay in your area?
How well do you budget your money?
Are you in debt?
Have you looked at home prices in your area?
Have you met with a lender?
How much have you set aside for a down payment and/or closing costs?
Do you have a secure job?
What is your credit score?
Are you ready to take on home repairs and maintenance?
What should you do before you even think about looking for a house?

Score 28-36: Yes.

buying a home

Congratulations, it’s very likely that you’re ready to become a homeowner! All your ducks appear to be in a row, which you should know by now if you’ve already gotten prequalified for a home loan after meeting with your mortgage lender. Good on you. Getting prequalified first, before searching for houses and finding a realtor, will tell you how much house you can afford. Not only will this make the house hunt easier, but it can set better expectations of your monthly mortgage payment. If the time is right but you haven’t gotten prequalified yet, there’s no time like the present.

Our free LoanFly app offers the complete mortgage experience — you can get prequalified and stay in touch with your loan officer from wherever you happen to be.

Score 19-27: Maybe.

buying a home

Sitting on the fence before making one of the biggest financial decisions of your life isn’t necessarily a bad thing, though we recommend talking to your loan officer posthaste. It may not be a good time to buy if your current finances don’t permit it or if your credit score needs some attention first. You may also want to pull the reins if you don’t plan to stay in your area for at least five to seven years, a time when homeownership becomes profitable for most.

Thankfully, reaching out to a loan officer and getting prequalified can answer these questions for you. Your loan officer will also let you know when and why it may be wiser to wait.

Score 12-18: Unlikely.

buying a home

Today may not be your day to buy a house, but that doesn’t mean homeownership isn’t in the cards. Regardless of your personal finances, your credit score, and your budget, you can still get in touch with a loan officer and get prequalified for a mortgage. There are plenty of affordable home loan products out there, some of which may make it possible for you to purchase a house in the near future. It’s always worthwhile to ask — down payment assistance and low and no down payment mortgage programs may be available.

For educational purposes only. Please contact your qualified professional for specific guidance.

Sources are deemed reliable but not guaranteed.