5 Questions To Ask Yourself Before Buying A Home

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5 Questions To Ask Yourself Before Buying A Home


1. What is my credit score?


The impact of credit score on interest rates can be significant. The higher your credit score, the better your interest rate. The lower your interest rate, the more you can afford.

2. Can I afford the monthly mortgage payment and still be able to afford my current lifestyle?


Stay at a monthly payment that you would be comfortable making every month and would still allow you to live the lifestyle you are accustomed to. Life happens and when it does, you want to still be able to afford your mortgage so as not to lose your home. Say NO to being house poor!!!

3.What other debts do I have?


Be realistic about what you can afford. You have to take into account ALL of your credit obligations including your estimated monthly mortgage to figure out whether you're ready to buy a house. You don't want to own a home and eat ramen everyday trying to make ends meet. 

4. What are the other cost of home ownership and can I afford it?


Costs such as taxes and insurance are typically included in your monthly payment but not the HOA fees. Unlike renting, owning a home means that you'll have to pay for repairs and the maintenance of your home. 


5. How long am I planning on staying in one place?


Generally, the longer you plan to live someplace, the more it makes sense to buy. You’ll build equity in your house and its value is likely to increase over the years. If you're planning on moving within the year, then it may not make sense to buy right now. 


Note: Angela Carpio is a Realtor serving San Diego, Inland Empire, and Orange County area. 


Angela Carpio, Realtor

619-228-5034

Coldwell Banker ABR

Lic. #01967762

AngelaCarpioRealtor@gmail.com

http://www.angelacarpiorealtor.com/

#angelacarpiorealtor


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