Many people want a home to call their own, but are you ready to take on the responsibility of home ownership? Use our down payment calculator and answer the following questions below to see if you are ready to give up renting and purchase a home:
- Are you able to save for a down payment? Use our down payment calculator to determine the amount you require initially on the varying costs of homes.)
- Are you prepared to spend more than your monthly rent? You may think you are prepared because you have savings and it is in line with our down payment calculator, but you must be ready to pay more than just what you pay in rent each month. Remember property taxes and maintaining your home are costs that you now have to pay.
- Have you checked your credit score recently, and is it good enough to qualify for a bank loan?
- You have checked your credit score and it’s good enough to qualify for a bank loan. Although you may have the recommended amount saved according to our down payment calculator, your credit needs to be healthy enough to be approved for financing.