How do you know if you are ready to buy your house? You may be ready monetarily, but are you ready for a bidding war? It seems your fears of investing in a home are gone while others are still raising questions as to whether the advantage of buying a home is worth it. If you are interested in knowing if you are ready to buy a home, take a peek at the details to be given later down this page. You're ready to buy a home if:

You have stable employment

This is a basic requirement for the approval of your loan. You cannot have a temporary job, meaning you need something more permanent. Most banks ask that you have at least two years employment at the same workplace. Recent graduates or those who have recently changed jobs may have mitigating circumstances, meaning they took something of higher value. No self-employed person can get a loan unless they demonstrate stable income, along with having tax returns to reflect gains over the past several years. Just know that the bank will be rigorous in the employment verification process because of its formal and breckenridge ski resort legal implications.

You have established credit

Good credit is another basic requirement. It does not need to be perfect, but you must show that you are paying your current obligations on time. Experts also say that any condition that affected your credit history in the past, must no longer exist and you are ready to meet your mortgage payments. This will also take into account your income and monthly debts. You can buy alone or have a co-signer. Depending on where you live, the laws specify if you have to be married to buy a home (you cannot have a live-in significant other). All persons included in the loan must qualify.

You must have savings

Even if you can get 100% financing (little opportunity these days), you should always have extra money available. Most mortgages require a prompt down payment, usually from 3.75% in those guaranteed by FHA, to more than 10% over the conventional. The required percentage varies. In addition to the cost of purchase, such as closing, appraisal or inspection, consider the moving costs. Make sure you have a small contingency savings. People always buy something or eat out several times when they are in the process of moving.

Lastly, you must know the responsibilities of owning a home. In addition to costs, you must be willing to take charge of your home, knowing you are the responsible party for everything that goes wrong. Most of all, you understand that this is a large and long-term debt. Call Breckenridge Real Estate for more details.