5 Signs That You Are Ready To Buy A House This Year

Buying a house can be an expensive endeavor, and it's important to be financially prepared. There are many factors to consider when you're looking for a new home. Between the mortgage, taxes, and maintenance costs, your monthly expenses could add up quickly. 

The best way to determine if now is the right time to buy a house is to calculate your monthly housing costs. If you can comfortably afford those costs and still save for retirement and other financial goals, then you're ready to buy!

1. You're Financially Ready
   One of the best ways to see if you are ready to buy a house this year is to make sure you have enough savings for a down payment. If you're able to save about 20% of the purchase price, then you're ready to start looking. 
   
   However, if you don't have that much saved, it's best to wait until your finances improve.
   
   
2. You Have a High Credit Score
   Having a high credit score is the key to buying a house because this indicates that you are financially secure. A credit score of 650 or higher can qualify you for a mortgage loan with no down payment, while a credit score of 700+ means that you'll likely be eligible for an FHA-backed loan.
   
   
3. No More Pending Loans
   A good income will allow you to purchase a home outright. Suppose you're still paying off student loans. In that case, it's important to remember that the interest on those student loans is tax-deductible, meaning that your earnings can go toward buying a home without owing as much in taxes.
   
   
4. Having a High-Paying Job
   A job with a higher salary can help you afford a better home and more luxurious items. It'll also mean you'll have money to spare for vacations and other luxuries. 
   
   Plus, having a high-paying job means that you're less likely to be in credit card debt or struggling to pay your bills every month.
   
   
5. Having Emergency Fund and Savings
   Having an emergency fund and extra money means you can buy a house. This way, you'll have some type of guarantee that you can afford something if your job or life becomes unstable. 
   
   It's good to invest in yourself so that later, you have something to fall back on when times get tough.

At Cornerstone Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (888) 661-8831. You can also request a free quote by CLICKING HERE.