Are You Ready to Buy Your First Home?

At GVC Mortgage, we often talk about the benefits of buying a home and encourage first-timers to take the plunge. However, we also recognize that not everyone is ready to be a first-time homebuyer. Circumstances differ greatly from person to person, so we’ve put together a quick guide to help you find out if you’re ready to buy your first home.

Are you settled?

Buying a home is a big investment in your future. Typically, you should stay in your home for at least a few years for it to make financial sense. So ask yourself a few questions to figure out if you’re settled in your current location. Does your career path require you to maintain some flexibility? Could a promotion potentially take you out of state? In addition to your career, you should also consider your future family goals. Do you see yourself having children in the next 5 years? Then you’ll need space for them. Do you have young children? Then you’ll need to consider their future school district. Make sure you can see a future in your desired location before you purchase a home there.

How are your finances?

A mortgage lender is going to dive deeply into your current finances to determine your home loan amount. They’ll be looking at everything from your proof of income to your debt-to-income ratio, so be prepared for what they will find. As you look into your own finances, consider the possibility that you may need to wait a year or two to pay off debts and save money before you can purchase a new home.

Can you afford to make repairs?

Finally, when considering buying a home, many only consider the down payment and the monthly mortgage amount. However, there are several other expenses that come along with owning a home that you need to be prepared for. If you’ve been renting, you’re probably used to a landlord or maintenance man making repairs when needed at no cost to you. However, when you purchase a home, you are responsible for your own repairs and they can add up quickly. Additionally, there are taxes, insurance, and other expenses that need to be accounted for.

If you’re ready to put down roots in the Carmel, Indiana area, our team at GVC Mortgage is here to help. Get started today by contacting us at (317) 564-4906 or apply online.