Are You Ready to Buy Your First Home?
The good news is there are a number of telltale signals that can help you figure out if you’re really ready. So before you make this life-changing leap, consider these five signs that you’re ready to buy your first home.
You’ve got some money in the bank. A down payment is a chunk of change and a significant step in the buying process. The great news for first-timers who don’t have a huge savings account — you can buy with as little as 3.5% down. That’s still serious money, but much more achievable for many. Just be careful not to spend everything you have on the money down. You’ll need cash for closing costs, insurance and taxes. And you’ll want some left over for that new set of furniture!
You’re ready for the responsibility. And the last — but maybe the best — sign you’re ready to buy: You know you’re ready and willing to take on this big responsibility! You’re aware there will likely be leaks, creaks and drafts, rickety roofs and worn-out water heaters. But if you’re confident you’ve got what it takes to take on these challenges and more, then you just might be ready to buy!
Steps to Buying Your First Home
Now that you’ve made the decision to buy your first home, it’s important to take the time to educate yourself on the home buying process. How do you save for a down payment? Where should you buy home insurance? And what’s the deal with being prequalified versus preapproved for a mortgage? Don’t worry — we’ve highlighted each step of buying your first home so you can start your home buying journey with confidence.
Once you've taken the leap and purchased your first home, connect with an American Family agent to learn all the ways your homeowner insurance can help make sure your new hard-earned dream never goes unprotected.
Related Topics: Finance