Are You Ready To Buy A Home?

It sure sounds like a great idea to own your own house - but are you ready?

Every first time home buyer probably asks themselves this question at some point. How do you know?

Well, it will differ for everyone, but there are a few sub-questions you might want to ask yourself in order to work your way toward your own answer.

First, look in the mirror and ask how much can I borrow? If you don’t know the response to that yet, then get to work!

Use a mortgage calculator to get an idea of how much you are likely to be able to borrow towards the cost of a home.

Next, ask yourself how much deposit do I need for a home loan. Do you have this amount saved? If so, well done!

If not, are you prepared to budget aggressively so that you can save this amount?

Saving a deposit is great preparation for the financial responsibilities that come with owning a house.

If you still aren’t sure about your readiness for home ownership, have a chat with an independent expert who will let you know your options for home financing.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.