New decade, new home? You might find yourself wondering if now is a good time is to buy, and congrats, that’s a seriously exciting conversation to be having. The first step in this journey should be to take a deep dive into your financials to make sure you’re ready and how much home you can afford – we can help you with that.
Mortgage rates are another aspect that play into the “why now” portion of this process. Truth be told, we’re in a great market for you to purchase your dream home.
The decision buy or not is largely tied to your financial status, but what does that really mean?
1. You have good credit. Let’s start out by saying that while we do love a great credit score, we also know that there’s wiggle room here. The best way to determine just how much is to contact a mortgage banker, they can sit down at length (if need be) and discuss the real “what’s what” here.
2. You’re not in a world of debt. Atlantic Bay understands that life happens, certain things add up and perhaps you need some guidance on how to pay off certain debts. We also know that having a little bit of debt is okay, too. In order to truly understand this, we will need to look at your debt-to-income ratio. We’re also diving into your historical income and pay stubs during this time.
3. You’ve got some money in the bank. We’re doing the money dance with you here, it’s nice to have a little loot set aside and that kind of savings will help you with a down payment (if you so choose).
4. You have a realtor that can help you find your dream home. Once you have a better understanding of how much you can afford, it’s time to find a realtor that can help guide you on your house hunt journey! Zillow and Trulia provide you with a plethora of homes for sale in your area, but make sure you have someone to show you around!
If you are on the fence about any of these points, ready to take the next step or if you’re just planning for the future by contacting one of our mortgage bankers you will really have a deeper understanding of what goes into the lending process, all the while having peace of mind.