Quiz: Are you ready to buy a home?
The benefits of homeownership are great, but getting there takes preparation. There are many factors to consider before you buy a home, such as your income, savings, credit score, debt, budget, lifestyle, and goals. How do you know if you’re ready to take this step? Take our quiz!
- Do you have a stable and reliable source of income? (2 points)
- Have you been saving money for a down payment and closing costs? (2 points)
- Do you have a good credit history and score? (1 point)
- Do you have a realistic budget that includes all the costs of homeownership, such as mortgage, taxes, insurance, maintenance, and utilities? (1 point)
- Do you plan to stay in the same area for at least five years? (2 points)
- Do you have an emergency fund that can cover at least six months of living expenses in case of unexpected events? (1 point)
- Do you have a clear idea of what kind of home you want and need? (2 points)
- Are you willing to compromise on some features or amenities if necessary? (2 points)
- Are you prepared to deal with the responsibilities and challenges of homeownership, such as repairs and maintenance? (2 points)
Add up your score:
You’ve prepared financially and done your homework. You’re ready to learn about your mortgage options. Call HomeSight today and learn about all the opportunities we can offer to start building equity in your new home!
You may be perusing homebuying websites, but you haven’t evaluated your own financial toolkit. Even if you’re just surfing on Zillow or Redfin, it’s never too early to lay the groundwork so when the time comes, you’re financially prepared. The good news is you’re not alone. HomeSight’s homebuying classes can help you budget, plan and get you financially ready to take this first step toward building equity.
You’ve got to start somewhere! You may think homeownership is out of reach for you, but HomeSight’s lending experts can show you how to prepare. If you’re at the beginning of your homebuying journey, we’re happy to help you create a realistic budget and timeline. Try our Homebuyer Education class to get your budget in shape.