First-time home buyers account for nearly 35 percent of real estate purchases in America. Buying a residence for the first time can be a daunting task. Aligning yourself with the right professionals is a must when trying to get through this process with ease.

Doing some research to find the right lender and real estate agent is something you need to view a priority. With their assistance, you can find the right home and the best financing available. Read below to learn about some of the signs you will notice when it is time to buy a home.

  1. Debt-Free is the Way to be

Have you recently paid off all of your debt? If so, now is the time to apply for a home loan. One of the first things a lender will check when trying to pre-approve you for a mortgage is your debt-to-income ratio. If you have little to no debt, your chances of getting approved will be much higher.

If you are curious about how much home you can afford, utilizing the power of a mortgage calculator is a great idea. With the information from this calculator, you can figure out what the monthly payment will be for the home of your dreams. With this information, you can shop around for the best mortgage programs in your area.

  1. You Have a Steady Job

Do you feel secure in your existing job? Having a good employment history is also something you will need when trying to qualify for a mortgage. A lender will usually go over your employment history thoroughly looking at how long you have been at your existing job and whether or not there are any gaps in employment. The longer you have been at your job, the easier you will find it to pass the employment history verification process with flying colors.

  1. A Rise in Your Income

Most mortgage lending professionals suggest that no more than 30 percent of your monthly income go toward a mortgage payment. One of the best ways to lower the monthly payments on your mortgage is by making a hefty down payment. If you have recently gotten a raise at work, now is the time to start saving for this down payment. While it may be hard to save a large amount of money, it is worth the energy you invest.

  1. You Are Ready to Settle Down

There will come a time in most people’s life when they are ready to settle down and have a family. In order to raise a family the right way, you will need a large home. Investing in a home will allow you to grow your family and enjoy your future together.

  1. A Clear Idea of What You Want

Having a clear idea of what you want in a home and how much you can spend is essential. Once you figure out this important information, you will need to contact a real estate professional for help. They will be able to take the wants and needs you have and use this information to narrow down the selection of homes in your area.

Patience and timing are key components when it comes to buying the right home. Getting in a hurry during this process can lead to long-term problems.

 

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