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4 Signs You are Ready to Purchase a Home – Jeff Brand & Associates

posted by: Jeff Brand in Blog

Interest rates are still low, and it’s a great time to buy a home in Flower Mound, Texas! But don’t let interest rates be the only factor you use to determine whether or not you are ready to purchase a home. Here are 4 signs you are ready to take the plunge:

 

  1. You are ready to put down roots.

By putting down roots, we mean staying in your home for a 4 year minimum. On average, it can take anywhere from 4-7 years to make a home purchase worth it, meaning your home has appreciated enough to break even. If you think you will only live in your home for 2 years, renting may be a more financially sound option than the choice to purchase a home.

 

  1. You have a 20% down payment.

Sure, many lenders will give you a loan with less than 20% down, but you will pay PMI (Private Mortgage Insurance), which can add up. And note: FHA loans – while enticing with offers for financing with very low down payments – will require a lifetime PMI payment vs. a conventional loan that allows you to remove the PMI once you have 20% equity.

 

  1. You have job security.

Assess your current employment situation and make sure you are in a place – or general geographic area – that you would like to stay for at least a few years. The last thing you would want is to purchase a home, only to get relocated a year from now. Plus, lenders generally review about 2 years of employment history for loan approval.

 

  1. You have your finances in order.

Having money for a home goes beyond money for a down payment. Sure, you’ve been saving for months to get to that 20% down payment, but do you have money for homeowner’s insurance, property taxes, home maintenance, etc? Make sure you have enough money in the bank to cover all purchasing costs, plus the little curveballs that come with home ownership.

 

Ready to take the plunge into buying a home Flower Mound, Texas? Contact Jeff Brand & Associates today! We are the Living Magazine’s best realtor in Flower Mound, and our team of experts will guide you through every step of the purchase process. We want to help you purchase a home today!

Jeff Brand wants to help you find your dream home in Flower Mound, Highland Village, Lewisville, Lantana, Argyle, and the neighboring communities

Jeff Brand wants to help you find your dream home in Flower Mound, Highland Village, Lewisville, Lantana, Argyle, and the neighboring communities!

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