3 Tell-Tale Signs You’re Ready to Become A Homeowner
People experience different living conditions through the years – from growing up in our parents’ home to moving into dormitories through college years, to renting in crammed yet pricey condominium apartments. Some can move from door to door like a nomad, but most dream of settling down one day, become a homeowner and grow a family in a forever home.
The journey towards reaching your first and potentially final home varies for everyone, but there are tell-tale signs that show you’re ready to level up and move forward to the next chapter of your life. Beyond having the financial capacity to afford to buy a house, the list below explores different cues that prove you’re ready to take the plunge into being a homeowner:
Sign #1: You Have the Financial Means to Spend More Without Going Broke
Having the money to purchase a house is one thing, but financial stability means you can spend on your homeownership without burning holes in your pocket after the massive investment. If you find yourself at the point where you can move into your dream house comfortably, then it’s one of the biggest signs that you’re ready to take the leap into homeownership.
You can determine your financial readiness using a mortgage calculator, which can help you reach a sale price and monthly payment that suits your capabilities.
Sign #2: You’re Ready to Settle Down
Settling down doesn’t necessarily mean you have an intense need to have your own space, though it’s a big part of it. Other than your desire to purchase your first home, other factors such as your career and future plans play pivotal roles in your readiness.
For one, if you see yourself staying at your job for the long-haul with little-to-no chances of moving out to a different city when the next opportunity arrives, then it’s a major indicator that settling down is the right choice. Beyond your career, when you become a homeowner and moving into your forever home also means you’re ready to expand your family and envision a bright future ahead with them for years to come.
Sign #3: You’re Ready to Handle the Responsibility of Becoming a Homeowner
The road to reaching the keys to your dream home isn’t all sunshine and rainbows. In addition to being an expensive journey, there are various factors you need to handle forever as part of the responsibility of homeownership.
From years-long maintenance, future renovation plans, repairs, and more. If you feel like you got it all down to a pat, then there’s no other direction but forward for you.
The Bottom Line: Knowing the Signs that Show You’re Ready to Settle Down Into Your Forever Home
Forever homes define the next stage of your life, so it should accommodate all the possibilities life will throw at you – from a growing family, a spacious backyard, and more square footage to cater to future needs and upkeep.
There’s nothing more exciting than the thought of settling down into your home, but the process of moving into your own space is a complicated road. Our professional home builders at Balfour Homes can help simplify the process and take the hassle out of your home purchasing experience, so you can turn your dreams into reality sooner.
We can help you find the ideal land and connect you with developers, designers, or even the right mortgage to make it all possible, so get in touch with us today to see how we can help you become a homeowner!
Almost everyone considers buying a house as a representation of the American dream. But choosing to become a homeowner has its financial consequences. For one, if you decide to buy a property that’s above your means, there’s a chance that you can be broke, which can cause you to fall short on your bills. This will affect your financial goals.
That’s why it’s crucial to buy a real estate property for the right reasons. But how should you know if it’s the right time? To help you make the right decisions, here are some questions that you need to ask yourself before signing any deal:
Do I genuinely want to become a homeowner?
When you reach a certain age or is about to start a family, people around you will pressure you to get a house. Although it’s quite common, experts advise you to get a real estate property when you’re fully committed to becoming a homeowner. But until you feel like you’re ready, don’t let the pressure from your friends or family affect your decisions.
Do I know how to manage my money wisely?
One of the first things you need to remember when buying a house are the expenses associated with your purchase. Remember that your costs wouldn’t stop with your monthly mortgage payments alone. You also need to cover the costs of maintaining, upgrading, and repairing it. So, you need to carefully prepare your finances to ensure that you wouldn’t be short on the budget if something unexpected happens.
Looking for any property for sale in Manor Lakes, for example, can be exciting. But you need to think about your budget first and see if it will fit your lifestyle before applying for a loan.
Am I planning to stay there for good?
Do you see yourself staying in the same place for several years? If you are, then it’s a great idea to buy a house there. But if not, you might want to reconsider your decisions. If you know that you’ll be moving elsewhere in a few years, then you’re better off renting a place. Doing so would be a better option rather than buying a new house every time you decide to move.
Do I qualify for a mortgage?
Most people won’t usually afford a house without a mortgage. If you’re on the same boat, then it’s best to know if you qualify for a loan or not. But even if you do qualify, it’s also important to assess your financial capacity to pay. It’s best to address any of your existing debts before you decide to buy a property. Carrying considerable amounts of debt can be challenging, especially if you’re paying your monthly home loan obligations every month.
Buying a house is not an easy decision. You need to think things through, so you wouldn’t make any mistake have regrets in the future. Remember that owning a home is a big responsibility that you’ll have to carry for several years, which is why you need to make the right decisions.
Tips to help you understand what you’re getting and avoid overpaying
If you’re getting a mortgage for your new home, your lender will require homeowners insurance. And even if you’re among the rare home buyers purchasing without a mortgage, you still should get homeowners insurance to protect against costly perils like fire and wind damage.
But determining how much insurance to get—and which features to choose—can be daunting, especially as your closing approaches.
Here are some key things to know as you begin your homeowners shopping journey.
Shop for Coverage Early
Even though you don’t own the home before your closing, mortgage companies typically want evidence of insurance—also called a binder—a few days before the closing.
“At least 30 days before the closing, you can start to shop around,” says Josh Lipstone, vice president at Lipstone Insurance Group, a family-run, independent insurance agency based in Cary, N.C.
Nonetheless, not everyone is aware of the importance of buying beforehand. Bill Gatewood, corporate vice president at Burns & Wilcox, an insurance wholesaler based in Farmington Hills, Miich., says he’s amazed how often he gets calls for help at the last second.
“I’ve had people call and say, ‘We have a 2 p.m. closing today. Can you help us get coverage?'” he says.
Not having insurance in place could delay your closing. And being an insurance early bird also gives you a leg up in a couple of ways. Once you start shopping, you’ll become more familiar with the coverage you need, so you can do a better apples-to-apples comparison among companies.
Get quotes from at least three insurers, and check Consumer Reports’ ratings of carriers to see which did best in satisfying customers who made claims.
And if you shop early, you also give the insurer more time to “underwrite” your home—that is, to determine the appropriate level of coverage. That’s particularly important if your home has lots of unusual or costly details, like woodwork made of a rare species or a fancy built-in sound system.
You Don’t Have to Insure at Market Value
Don’t assume you have to cover your home at its market value or its tax appraisal value or even the value of your mortgage loan. The number that a homeowners insurance company is interested in is how much it would cost to rebuild your home tomorrow. That amount doesn’t include the price of your land, so in many cases the insurable amount will be lower than the home price.
Your insurance company will determine that figure. Depending on the insurer you choose, the company will either look at online real estate listings and other available data to come up with that amount, or it will send an appraiser directly to the house. Lipstone says that the companies he deals with typically request an on-site visit only for homes worth $750,000 or more.
That said, there are some houses you’ll need to insure for more than market value, Gatewood says. For example, in a modest neighborhood, an older home with hard-to-replace details like plaster walls and a carved wood fireplace might require a higher insurance limit than the purchase price, he explains.
Once the insurance company arrives at the insurable amount, it may offer you a couple of options for coverage. Consumer Reports recommends you seek replacement cost coverage. That ensures that you’ll have enough to rebuild, regardless of what it costs. Make sure the policy includes an inflation guard, too, to make sure that your coverage rises as local home-building costs rise, too.
Lots of Things Just Won’t Be Covered
First-time home buyers are often surprised to find out what their policy doesn’t cover, says Jen Horner, a Realtor with RE/MAX Masters in Salt Lake City. For instance, water damage from a pipe or other system that breaks inside the house is covered, but water coming from the outside will not be.
“If the homeowers’ home is flooded because a lawn sprinkler broke or was left on, in most cases this is not covered,” Horner says.
In general, events that are preventable by reasonable home maintenance—mold, pest infestations, leaks from roofs worn by wear and tear—aren’t covered, either.
Depending on the issue, you may be able to buy extra coverage or a separate policy. Sewer backup coverage, to address a blockage in your sewer line, costs $40 to $100 a year, according to the Insurance Information Institute, an industry group. Flood insurance costs, on average, around $700 a year but can be purchased for far less in a low- to moderate-risk area.
Your Coverage Is Meant for Big Losses
First-time homeowners may be more tempted than longtime owners to file a minor claim the moment a problem occurs, Gatewood observes. That could be a mistake, he adds.
Gatewood gives the example of a homeowner who has a $1,000 deductible and puts in a $1,200 claim when his roof leaks due to the weather. The insurer will pay that first claim, he says. If the homeowner then files another, more costly claim for a kitchen within the next couple of years, the insurer will pay that, too—but it may then raise the homeowner’s premium. And if the homeowner files three claims within five years, he could be “nonrenewed,” which could mean he’d have to go to another company, which could charge much more.
“If you’ve been with a carrier for a number of years and file your first claim, you should have nothing to worry about,” Gatewood explains. “But if you’re new with a company, those small claims can come back and create problems.”
His advice to avoid such issues: Choose the right deductible. Go as high as you can handle with your savings—Gatewood recommends $2,500—and file only when something happens in your home that’s more expensive than that.
“Homeowners insurance is to cover large catastrophic losses,” he says. “People shouldn’t think of it as a maintenance policy.”
Real estate brokers guide their clients through the process of a real estate transaction. When representing a seller, a broker lists the property for sale, advertises the property, and arranges and oversees open houses and other viewings. When representing a buyer, a broker works with their client to determine their needs, locates properties that fit with the client’s needs and budget, helps their client prepare their finances, and takes them to visit properties.
Brokers may employ sales agents to work with their clients and take care of many of the above tasks, but they are ultimately responsible for all transactions that come through their brokerage. They are paid a commission on the final sale and pass some of that commission on to the sales agent who worked on the transaction.
Brokers must have strong communication skills to succeed in their field. Throughout the process of a sale, they are in contact with their clients and with other brokers and sales agents, and when it is time to close a deal, they must negotiate on their client’s behalf to ensure their needs are met. Because brokers work independently, they must also have strong business skills to attract potential clients, manage employees, and handle their brokerage’s finances.
What kind of training is required to become a real estate broker?
To become a real estate broker, one must first gain experience as a real estate sales agent. Sales agents work for brokerages, helping their employer’s clients buy, sell, or rent houses or other properties. In most states, sales agents train for their jobs by first completing a pre-licensing training course offered by a state-approved school. Students in pre-licensing courses learn about topics like real estate legal issues, ethics, real estate finance, contracts, taxes, and insurance. Once they complete their training and become properly licensed, sales agents can go to work for a broker.
Sales agents who have two or more years of experience in their job and want to become brokers can pursue additional training. Broker courses cover some of the same topics that sales agent courses cover, such as taxes and real estate finance. Prospective brokers also learn about the law as it applies to operating a brokerage, real estate investments, construction and development, property management, and business law.
Some brokers do not open their own brokerages right away and instead continue to work for a designated broker as an associate broker. Associate brokers typically perform the same duties as sales agents employed by a broker and do not hold the same responsibilities and liabilities that a broker who runs their own brokerage assumes. Working as an associate broker can give brokers valuable experience that they can put to use if and when they do start their own brokerage.
Are there any certification or licensure requirements?
Like real estate sales agents, brokers must be licensed by their state. To qualify for a broker license, one must first hold a valid real estate sales agent license and work under that license for a number of years. In many states, brokers must have two years of experience working as a sales agent, but some states require only one year of experience. Other states may require three.
In addition to meeting requirements for experience, prospective brokers must complete a training course that has been approved by their state. A broker training course can take several weeks to complete and can cover topics like real estate law, finance, agency law, contracts, and property management. At the conclusion of the course, students can take their state’s broker licensing examination. Brokers who pass this examination may also be required to pass a criminal history background check to qualify for a license.
How long does it take to become a real estate broker?
Depending on their state’s requirements, prospective brokers must spend one to three years working as a real estate sales agent before they can apply for licensure. It may take additional weeks or months to complete the required training course and pass the broker licensing examination.
What does a real estate broker earn?
The median hourly wage for real estate brokers in the United States was $28.05 in 2012. The lowest ten percent of brokers earned less than $12.32 per hour that year, and the top ten percent made more than $85.07.
Because brokers are paid on commission, their earnings depend on the amount and types of transactions they are able to complete for their clients. These earnings can fluctuate from month to month and from year to year depending on the housing market and the broker’s success in attracting clients.
What are the job prospects?
The Bureau of Labor Statistics projects that employment of real estate sales agents and brokers will grow 11 percent between 2012 and 2020, about as fast as the average growth for all occupations during that time.
What are the long term career prospects for real estate brokers?
A broker’s success depends on their ability to attract new clients. As they gain experience and build a larger network of contacts in their community, brokers can build a stronger reputation and grow their business. Brokers who attract a high volume of business may eventually hire sales agents to work for them.
How can I find a job as a real estate broker?
If you would like to start out as an associate broker, you may be able to continue working for the broker who employs you as a sales agent.
If you would like to start your own brokerage, you will need to find clients for your business. You can advertise your services in social media or in traditional media like local newspapers. You may also receive referrals from former clients.
How can I learn more about becoming a real estate broker?
You can learn more about becoming a real estate broker by talking to brokers in your area. You can also visit the National Association of Realtors website or seek out your state’s association of realtors.
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Think that you cannot buy a home? Think again—Let us give you the opportunity to make your dreams a reality.
What are the benefits to you?
Partnering with Homestead gives you all the benefits of traditional homeownership, plus:
- Prices you can afford – This means truly affordable monthly housing payments. Homes bought through Homestead cost significantly less than the homes’ market-rate value. Many of our homeowners pay close to what they paid in rent. Meet our homeowners and see where they bought their homes.
- Safe Loans with Reasonable Down Payments – Everyone should have access to safe and secure financing. We offer resources for good interest rates on fixed rate loans, without paying private mortgage insurance, and you must only put down a minimum of $2,500 to buy your home.
- You can build equity safely – There are no subprime mortgages, balloon payments, or any funny business—our dedicated staff ensures our homebuyers know the ins and outs of homeownership. We provide ongoing support before and after you purchase your home. No one should be uneducated about this next BIG step and you are not in it alone. We want our homeowners to be successful and have homes that last for generations. It works!
What makes Homestead different?
With home prices rising, we believe the best way to ensure that everyone can afford to purchase a home — your family today and other families tomorrow – is to make and keep homes affordable.
When you buy a home through any of Homestead’s programs, you become a part of the Homestead family. In doing so, you agree to the following things:
- You or your family will continue to live in the home for as long as you own it.
- You will keep the home in good shape.
- When or if you sell your home you’ll sell it to another moderate-income buyer for an affordable price.
- Don’t pause your plans of homeownership just because you’re practicing social distancing.
- Taking several strategic steps right now can keep your home search active.
- Reach out to a local loan officer, find out about helpful resources for down payment assistance and more, and get prequalified as soon as possible.
Recession does not equal a housing crisis. With mortgage rates at historic lows, it’s an ideal time to get prequalified.
Why shocking headlines might not reflect the full picture
All around the world, anxiety levels are high. The pandemic health crisis must be contained, while trying to mitigate its impact on the economy.
Alarming headlines are everywhere. Bad news sells more than good. At times like these, it’s helpful to gain perspective from the whole story.
The CDC (Centers for Disease Control and Prevention) and the WHO (World Health Organization) are the most reliable sources of information related to COVID-19. As for the economic effects of the virus, it’s harder to find trustworthy resources that give insight into our current situation.
Here is one example: Goldman Sachs predicts the largest GDP drop in nearly a century.
The headline is correct, but it doesn’t include the fact that Goldman Sachs projected the economy will rebound well in the second half of the year. GDP will rise 12 and 10 percent in the third and fourth quarters, respectively.
John Burns Consulting’s research on home values, the economy, and pandemics supports this fact:
“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”
It’s not the end. In the next few months, the economy will be affected, but soon after, we’ll see it recover.
What does ‘business as usual’ mean? We’re not going anywhere
We know homebuyers need more support during uncertain times. That’s why our team is available weekdays, weekends, and evenings. We’re staying up and running — and even extending our hours — so we can still provide the same five-star support while processing mortgages remotely. Download LoanFly to connect with a local loan officer and speed through prequalification to closing in as little as 10 days.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.
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How to Get a Mortgage With a Credit Score of 550
Buying a home is always a difficult procedure for a first-time buyer, but it is especially tricky for a young person. Some of the major qualification requirements that banks use to offer you a mortgage (things like stability of employment, for example) are harder to demonstrate when you are just starting out. However, for those who have some cash on hand and solid credit, owning a home from a young age is a real option. For those who are determined to do so without those things, having help from your family can help make it work.
Reduce Debt and Save
Pay off as much debt as possible. A general rule of thumb for loan approval is that your monthly obligations, including the new loan, be less than 38 percent of your income. If you are carrying credit card debt or a large car loan, try to pay it off before you apply for a mortgage.
Save as much money as you can. Although there are still some programs that will allow for you to get a mortgage with no money down or a small amount down (like 3 percent) these are rare. The more you can put down on a home, the greater chance of getting approved for the loan.
Improve Your Chances
Check your credit. You can do this for free once a year, and you should do this every year. Estimates of the amount of mistakes on credit reports vary but go as high as 20 percent, meaning there can be a one in five chance that there are errors on your credit report. Guess what the odds are that an error will benefit you? Get it fixed. Contact the original creditor and if necessary, dispute it with the credit agency itself.
Keep the same job. Job hopping is more common for young people today than it was for their parents at that age, but stable employment is a big factor in credit approval. You want to show a solid work history, and when you’re young, you have less of a work history to begin with.
Ask for Help
Ask your parents to loan you money for a down payment. If you cannot qualify with the money you have, borrowing money from your family to increase the size of your down payment can help you get the loan.
Ask your parents to co-sign the mortgage with you. This is the absolute last thing you should do; exhaust all the other options first. Having your parents co-sign the mortgage makes them equally responsible for paying the mortgage, and it’s not something that’s likely to make either of you comfortable in the long run. If you take this step, as soon as you can refinance the mortgage without your parents, you should think about doing so, to remove them from your loan and end their liability.
Does Paying Off a Mortgage Early Help Your Credit Score? →
What is the best age to buy a house?
According to a survey by BankRate , the answer is 28, unless you’re a member of the Silent generation, then the answer is 26.
That two-year difference is about the same across the board when it comes to what are perceived to be the right ages at which to make major financial decisions, per the BankRate survey . In general, millennials, Gen-Xers, boomers, and silents seem to agree on roughly the ages at which people should think about things like getting a first credit card or retiring.
Of course, “reaching a milestone at a certain age is realistic depends on your own personal circumstances,” the report stated. Chantel Bonneau Stewart, a wealth management adviser at Northwestern Mutual in Los Angeles said it’s even more important to “think about how much money you need to save in order to accomplish your financial goals according to your timeline.”
Take homeownership. The generally agreed-upon age that a person should first buy is 28. “But many Americans find the idea of entering the housing market at a young age challenging,” the report stated. Especially among the young, the issue often has to do with lower wages entering the job market and the weight of student loans.
According to the National Association of Realtors , the median age for first-time homebuyers is actually 32, which is closer to the age lower-wage workers say is a good age at which to buy.
“A little more than half of the lower-income individuals who earn less than $30,000 per year think that it’s best for new homebuyers to be at least 30 years old,” the report stated. “You’re also more likely to say that it’s best to wait to buy a house if you live in a region like the Northeast, where the cost of living in many places is high and affordable housing may be out of reach.”
Stewart suggested that for those hoping to get a mortgage and buy as young as possible should see if they qualify for local programs that offer down payment assistance.
“And find out if you qualify for an FHA loan, which allows homebuyers to make a down payment as low as 3.5 percent,” she said. “But that doesn’t work in every housing market.”
Simple, Decent, Affordable
Equal Housing Opportunity statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.
Shoals Habitat for Humanity makes homeownership possible for low-income households. We offer affordable mortgage loans to purchase homes built by Habitat.
Print the Application Package.
Read and complete each form in the package. Follow the instructions from the ‘Document Checklist’ on Page 3.
When you have fully completed the application, mail your application package to:
Shoals Habitat for Humanity
ATTN: Homeowner Selection
PO Box 3135
Florence, AL 35630
You must have a need for adequate housing. Here are some examples of need:
- Your housing expenses are more than 30% of your income.
- Your house is in poor condition.
- You are living with family or friends.
- You live in Section 8 or Housing Authority housing.
- Your house is overcrowded
Structural/mechanical problems in building
- visible holes or large cracks
- leaks, hazardous/toxic materials
- electrical problems
- plumbing problems
- appliances not working
Inadequate sleeping arrangements
- more than 2 persons share a room
- different gendered children sharing a room
- persons having to sleep on the floor
Unsanitary conditions or health risks
- sewage problems
- stairway in disrepair
- allergy concerns
Temporary or transitional housing
- family currently living with relatives
- family in emergency shelter
Willingness to Partner
A partner family must be willing to complete “sweat-equity” hours.
“Sweat-equity” is when a partner family takes part in building their own home and other Habitat homes and may include activities such as clearing the lot, painting, helping with construction, working in the Habitat office, or other approved activities.
- A two-adult household is required to perform a minimum of 400 hours.
- A portion of the sweat equity hours can be completed by family and friends.
- All of the hours must be completed before the partner family can purchase the home.
In addition, the partner family must also be willing to attend home buyer education classes.
Ability to Pay
Ability to pay is determined by information provided and collected during the application process.
Information on the paper application, pay stubs, benefit statements, previously filed federal tax returns, and credit reports are examples of the resources used to determine this ability.
Applicants must have:
- a steady, reliable source of income and demonstrate financial responsibility.
- the ability to pay a monthly house payment at approximately 25% of gross monthly income (taxes and insurance included).
- the ability to pay projected monthly utilities (electric/gas & water/sewer).
- NOT filed for bankruptcy within the past 2 years.
- NO outstanding collections, liens or judgments that cannot reasonably be paid by the completion of the home build.
All applicants must provide documentation of residency and eligibility to work in the US. Anyone applying for a home with Shoals Habitat for Humanity should be a current resident of Lauderdale or Colbert County.
One of the following documents is accepted as proof of both residency and eligibility:
- US Passport
- Permanent Resident Card
- Alien Registration Receipt Card (Form I-551)
- Foreign Passport with temporary I-551 stamp or temporary I-551 printed notation on a machine-readable immigrant visa
- Unexpired Employment Authorization Document with a Photo ID (Form I-766)
- Unexpired Foreign Passport with Form I-94
- Passport from Federated States of Micronesia or the Republic of the Marshall Islands with Form I-94 or Form I-94A indicating nonimmigrant admission under the Compact of Free Association Between the United States and the FSM or RMI.
If one of the above cannot be provided, one document from each category below is required: