There are few things in life that really stand out and buying a house is one of these moments. Buying your first or next home is an exciting and memorable experience. This is the moment where hard work, sound financial decisions and saving pays off in the form of an investment. Doing this, however, may seem daunting which is why we’re here to help you weigh this decision and make absolutely sure that you’re ready.
Are You Ready?
Before going any further in the homebuying process, you need to ask yourself. Are you ready? The first thing you need to do when starting this journey is reflecting and making sure that you are, in fact, ready for this next life-changing step. Here are a few things to take into consideration when weighing this decision:
Financial Health
Take a hard look at your debt, for starters. How much debt do you have? This includes credit card debt and student or auto loans. If you have a large amount of debt in any of these areas, you should consider paying some of it off before looking into buying a home. Consolidating your debts is another option before signing into a home mortgage.
Savings
We’re not saying that it’s impossible to purchase a home with a small down payment, however, it is often best if you are able to commit more than just the minimum. Around 20% is a good amount to put down as you will not have to pay mortgage insurance which can be expensive each month. This adds up long term.
Personal Goals
What does your future life look like? Are you living in a city or in the countryside? It is important that your homeownership fits your short and long-term personal goals.
Security
It is important that you have a reliable income that you can depend on. Your mortgage payments will be your first financial concern month to month and you should not have to stretch your budget to afford them. When you’re planning your future, make sure that you are confident that you will be able to continue payments for a long while.
Nowik Mortgage Brokers are dedicated to assisting each of our clients in finding and funding their dream home effectively. We consider ourselves the most efficient mortgage brokers in Nanaimo! Contact us today to chat with one of our professional brokers, mortgages & house insurance in Nanaimo, and start your journey, today!