{"id":122,"date":"2014-12-29T00:36:22","date_gmt":"2014-12-29T00:36:22","guid":{"rendered":"https:\/\/clarksvilletnrealestateforsale.com\/?p=122"},"modified":"2014-12-29T00:36:22","modified_gmt":"2014-12-29T00:36:22","slug":"ready-buy-home","status":"publish","type":"post","link":"https:\/\/clarksvilletnrealestateforsale.com\/?p=122","title":{"rendered":"Are You Ready to Buy a Home?"},"content":{"rendered":"

December 28, 2014<\/em><\/p>\n

Are You Ready to Buy a Home?<\/h1>\n

By:\u00a0Michele Lerner<\/a><\/p>\n

While it may be acceptable to snap up a pair of shoes on an impulse, the choice to buy a home requires thoughtful planning and decision making.<\/p>\n

Whether you\u2019re becoming a homeowner for the first time<\/a> or you\u2019re a repeat buyer, buying a home<\/a> is a financial and emotional<\/a> decision that requires the experience and support of a team of reliable professionals including a REALTOR\u00ae<\/a>, a lender, a lawyer and a range of other individuals.<\/p>\n

Why Do You Want to Buy a Home?<\/strong><\/b><\/h3>\n

The emotional part of the decision comes into play when you think about why you want to move. If you\u2019re a first-time buyer, you need stability in your career and the desire to commit to living in the same community for five to seven years. You should want to establish roots in a neighborhood<\/a> and look forward to decorating as you please without requiring a landlord\u2019s permission.<\/p>\n

Purchasing a home is a lifestyle choice that requires you to think about how you like to spend your time and the type of community<\/a> where you want to live\u2014such as a rural area without nearby neighbors, a high-rise building in a city or a home within a planned community with recreational amenities.<\/p>\n

The more you understand your priorities for a home, the easier it will be for you to narrow your real estate decisions.<\/p>\n

Homeownership can also be a powerful way to increase your personal wealth for you and your family, since you\u2019ll be building equity<\/a> in your home as you pay off your mortgage<\/a>.<\/p>\n

Are Your Finances Ready for Homeownership?<\/strong><\/b><\/h3>\n

While your dream home<\/a> may not be within your reach right away, you can take steps to become a homeowner the moment you earn your first paycheck.<\/p>\n

In order to qualify for a mortgage<\/a> to buy a home, you\u2019ll need good credit, a pattern of paying your bills on time while still\u00a0saving money and a maximum debt-to-income ratio\u2014your gross monthly income compared to the minimum payments on all recurring debts\u2014of 43% or less. Some lenders have stricter guidelines, so the lower your debt-to-income ratio, the better your chances of a loan approval<\/a>.<\/p>\n

While loan programs are available with low down payments of 3.5% to 5%\u2014and a few programs offer no down payment at all\u2014you\u2019ll still need some savings to pay for closing costs<\/a>,\u00a0moving expenses and an earnest money deposit<\/a> on a home. It also is very wise to\u00a0have\u00a0cash reserves on hand after you buy.<\/p>\n

Saving money and preserving or improving your credit history<\/a> are essential elements to homeownership.<\/p>\n

What Can You Afford to Buy?<\/strong><\/b><\/h3>\n

Housing prices and rents vary from one location to another, but you can use realtor.com\u00ae\u2019s\u00a0Rent vs.\u00a0Buy calculator<\/a> to estimate the difference between your current rent and buying a home. In some markets, buying a home can cost the same or even less than renting.<\/p>\n

 <\/p>\n

Remember, when you\u2019re a homeowner, you also need to includehomeowners insurance<\/a>, property taxes and homeowners association<\/a>dues in your housing costs. You should\u00a0use realtor.com\u00ae\u2019s\u00a0home affordability calculator<\/a> to help you estimate what you can pay for a home.<\/p>\n

In addition, you should think about your plans for the future and how you spend your money\u2014along with your comfort level with a mortgage payment<\/a>. A lender will tell you how much you can borrow, but that lender won\u2019t know how much you spend on travel or golf or your plans for potentially reducing your work hours when you have a family.<\/p>\n

Once you\u2019ve thought through the emotional and financial aspects of becoming a homeowner, your next steps should be to find a reliable, experienced\u00a0REALTOR\u00ae<\/a>\u00a0to become your partner in the home-buying process and to meet with a reputable lender who can discuss your options for financing your purchase.<\/p>\n

\u2014\u2014\u2014<\/p>\n

Read the rest of the 10-Step Guide to Buying a\u00a0Home:\u00a0<\/em><\/i><\/p>\n

Step 1:\u00a0Are You Ready to Become a Homeowner?<\/a><\/strong><\/b>
\nStep 2:\u00a0Get a REALTOR\u00ae<\/a><\/strong><\/b>
\nStep 3:<\/strong><\/b>\u00a0Get a Mortgage Pre-approval<\/a><\/strong><\/b>
\nStep 4:\u00a0Look at Homes<\/a><\/strong><\/b>
\nStep 5:\u00a0Choose a Home<\/a><\/strong><\/b>
\nStep 6:\u00a0<\/strong><\/b>Get Funding<\/a><\/strong><\/b>
\nStep 7:<\/strong><\/b> \u00a0Make an Offer<\/a><\/strong><\/b>
\nStep 8:\u00a0Get Insurance<\/a><\/strong><\/b>
\nStep 9:\u00a0Closing<\/a><\/strong><\/b>
\nStep 10:\u00a0What\u2019s Next?<\/a><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

December 28, 2014 Are You Ready to Buy a Home? By:\u00a0Michele Lerner While it may be acceptable to snap up a pair of shoes on an impulse, the choice to buy a home requires thoughtful planning and decision making. Whether you\u2019re becoming a homeowner for the first time or you\u2019re a repeat buyer, buying a … Continue reading Are You Ready to Buy a Home?<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-122","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=122"}],"version-history":[{"count":1,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/122\/revisions"}],"predecessor-version":[{"id":123,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/122\/revisions\/123"}],"wp:attachment":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}