Everyone dreams of owning a house, but not everyone is ready. The idea of getting one can be exciting and at the same time give you anxiety as it costs a lot of money. This investment requires a lot of planning, especially now when the real estate market is tight.

Other personal financial factors should also be taken into consideration. And before cashing your savings to buy your dream house, you need to check yourself if you’re really ready for the responsibilities that come along with it.

These are the signs you’re ready for a mortgage in Syracuse.

You Have Money Ready For Down Payment

Your down payment on your first home is going to be one of the biggest investments you’ll ever make. The amount you’re willing to pay can lessen your loan amount. It’ll also determine which mortgage plan meets your needs.

Down payment requirements and mortgage opportunities vary from lenders to lenders. Lenders, like Empower, can help you find the right plan according to your financial needs. When calculating how much down payment you can afford, make sure your monthly budget won’t be compromised.

You Have A Good Credit Score

If you still have existing credit card debts or loans, you may not be ready to buy yourself a house. It doesn’t mean that having a debt strips your right to buy one. But, consider debt as a symptom of a greater problem. And that problem is not having enough money.

If you often rely on credit cards to buy you more time paying, don’t buy a house. Settle your other financial concerns first as credit score matters when applying for a mortgage loan. Banks use them to determine your way of handling credit. Having an outstanding credit score is your way of telling your lender you’re able to manage your finances properly. By having a good credit score, this gives them the impression that paying mortgages in a timely manner won’t be a problem.

You Have Enough Money To Pay Associated Costs

Things don’t just end after paying the down payment. In fact, it’s just the beginning. There are costs that follow after completing your acquisition. Owning a house requires you to pay more than the principle and mortgage loan interest. There are associated costs as well, such as closing costs – the estimated amount is roughly 2% – 5% of the price of your home.

These are closing costs you’ll be responsible once you officially purchase a new house:

  • Inspection Fee
  • Prepaid Interest
  • Private Mortgage Insurance
  • Property Tax
  • Title Insurance
  • Title Search Fee
  • The Attorney Fee
  • The Closing Fee
  • The Courier Fee
  • The Home Appraisal Fee
  • The Loan Application Fee
  • The Origination Fee
  • Underwriting Fee
  • Homeowner’s Insurance

Negotiating the closing costs with either your seller or lender are a couple of ways you can do to lower the amount. With cash reserves or mortgage insurance, it’s there to protect your lender in instances where you fail to pay your loan.

You can make a higher down payment or commit on a higher interest loan if you wish not to pay for this fee. Property tax and homeowner’s insurance are often included in your monthly fee. It’ll be the lender’s job to pay it for you when due.

Homeowners insurance in Syracuse, NY, is between $497-$672, which gives you an estimated monthly amount of $41-$56. Transfer Fee is an amount paid upfront by the new homeowner to get into the Homeowners Association (HOA).

Other expenses also cover city assessments, water, sewer and garbage, utilities, repairs, and furnishings the landlord covered in making the house livable.

These fees can easily add up to thousands of dollars in addition to your down payment. If you have saved money for a downpayment with room for potential upgrades, you’re on the right road to homeownership.

When You’re Absolutely Ready To Settle Down

Having a house is a long term investment that needs full commitment. The price of a house appreciates at around 3% annually. When you sell the house after staying in for two years, the increase in value is slim. You need to check on things that may affect the longevity of your stays, such as the neighborhood, the commute, or the hours you need to drive from home to work.

Ideally, you need to be able to stay in your new house for at least five years. If you’re ready to commit to that length of time, then you’re ready to settle down.


Purchasing a house is a large financial decision in everyone’s life. And just because you can afford to buy one, doesn’t immediately mean that you should. Age has nothing to do with your readiness. The preparedness in buying a house all boils down to the person you have to become. Sure, buying a house is a great way to showcase financial security, but it could also be a pit of debt and despair.

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