QUIZ: Are you really ready to buy a house? Bethany Ramos August 25, 2017 How long have you wanted to buy a house? I just started thinking about it. For one year or more. For less than six months. Why do you want to buy a house? I feel like buying a house will make my life and finances more stable. I want to start building up my own personal equity instead of spending money on monthly rent. I want my own freedom, where I'm no longer answering to a landlord. How long do you plan to stay in your area? Less than three years. Three to five years. More than five years. How well do you budget your money? I stick to a monthly budget and balance it on paper or using an app. I don't have a budget, but I try not to spend. I'm currently behind on several bills and can't budget right now. Are you in debt? I'm debt-free for now. I have a significant amount of debt. I have some credit card and student loan debt. Have you looked at home prices in your area? Yes, average mortgages look cheaper than rentals right now. No, not yet. Yes, average mortgages look more expensive than rentals right now. Have you met with a lender? Yes, but I have been declined. Yes, I've already gotten prequalified for a mortgage. No, not yet. How much have you set aside for a down payment and/or closing costs? I have some money set aside and am still saving. I do not currently have any money in savings. I have a comfortable amount of money in savings. Do you have a secure job? I have been working at my job for two years or more. I am between jobs right now. I just got a new job that may require relocation in the future. What is your credit score? 720 or higher. 620 to 720. Below 620. Are you ready to take on home repairs and maintenance? I no longer want to ask a landlord's permission to make changes or upgrades. I don't have the time or the money to deal with lawn care and repairs right now. I don’t mind fix-it jobs, or I can afford to hire outside help as needed. What should you do before you even think about looking for a house? Check my annual credit report and get prequalified for a mortgage. Pay off all my debt. Save enough for a 20-percent down payment.