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There is no right answer when it comes to deciding when you should buy your first home - the most important thing is to focus on your unique situation rather than hitting a predetermined milestone based on life stages and resist the temptation to keep up with the Joneses.
Here are 5 signs you might be ready for homeownership:
You have a job you love & want to stick around
You've started thinking about the future or have already taken a step towards the next stage in life
Maybe you've outgrown the dog park or are looking to grow your family
Your debts are paid down & you're spending within your budget
You stopped calling the handyman if the toilet clogs & know how to do more than change a light bulb
Buying a home is likely one of the largest financial decisions you will make in your life, every minute you spend planning will be worth it!
Maybe it's not exactly one of the 5 signs listed here, but you are starting to realize that your current living situation can't go on forever.
As soon as you start thinking about buying your first home, the best thing you can do is to start preparing financially - knowing what you can afford, how the process of buying a home works and having the means to purchase a home will ultimately determine when you're truly ready.
Here are 2 things you can do right now (if you have not already):
Set a savings goal for your down payment - figure out how much you can afford to contribute each month towards a down payment. The minimum down payment is 3.5% (unless you qualify for a 0% down VA loan), you can use this as a starting point. Having 20% will allow you to avoid the added expense of private mortgage insurance (PMI).
Think you're ready? Buying a new home doesn't have to be stressful, especially if you know exactly what is expected.
What to do to buy your first home?
Find a Lender
Working with a lender shouldn't start when you've signed a contract for a home, it starts as soon as you've made up your mind to start looking.
Loan Officers do so much more than process your mortgage application.
They are ready to help you determine your budget (pre-qualification), answer your questions about the type of loan that will be best for you, how much to save for your down payment, provide guidance to improve your credit score if needed, help you understand closing costs and so much more!
The good news is - our team has made the process of finding a lender easier than ever!
For over 50 years, Omega Builders has been a leading home builder focused on quality craftsmanship, affordability, and continuously improving the way we build homes. We are proud to offer new homes for sale in 18 premier communities.