Signs You’re Ready to Buy Your First Home
Most people dream of owning their own house and investing in a property that can be a wise financial investment that pays off in the coming years. Becoming a homeowner means that you need to be in good financial standing and have the right qualifications to ensure it’s a good decision. If you’re unsure if you want to own a home, there are a few signs that you’re ready to take the step.
You Don’t Have Debt
If you’ve accumulated a lot of debt, it can make it challenging to secure a loan with the help of a loan officer in Las Vegas. You’re considered more of a risk if you have a lot of student loans to pay off or if you’ve accumulated thousands of dollars in credit card debt. You should be debt-free on all of your accounts, which will boost your credit score and will provide you with more funds to pay your mortgage each month. Without debt, you’ll also have extra wiggle room in your budget for paying for repairs, maintenance, and the utilities on the property.
You Have Emergency Funds Available
Lenders want to see that you have extra cash available for an emergency to ensure you won’t fall behind on your mortgage. You should have three to six months of emergency savings if you suffer from a job loss to ensure you aren’t at risk of losing the home. The emergency savings can also be used to replace the air conditioner or perform repairs on the roof to ensure you can maintain the property.
A Stable Job
It’s important to have a stable job and to be employed with the same company for at least one year before you begin to shop around for a home loan. If you’ve switched jobs multiple times in recent years, it can make it more challenging to keep up with the mortgage payments if you have a gap in your employment. Although any type of job has uncertainties, you’ll be in a better place to afford a house if you’ve been at the same place for an extended period of time.