Are You Ready for Home Ownership
Even though you may enjoy buying household items, clothing, and perhaps cars on impulse, when you are considering purchasing a new home, you must give this project a great deal of thought and some careful planning.  It doesn’t matter if this is your first home or you’re a seasoned veteran, buying a new home is both an emotional and financial decision that is a much smoother and less-stressful process if you have an experienced team of professionals to guide you every step of the way. 
Do You Really Need a New Home?
One of the first questions that you must ask yourself is why you want another home; remember that you should have an established career and be financially able to honor the financial obligations that will be required with your mortgage payments.  Is your job causing you to relocate?  Has your family outgrown your present location?  Try to get in mind that you will probably be living in this same new neighborhood about five years at least, so consider your lifestyle, the amenities that you prefer, and the close proximity to surrounding businesses, restaurants, schools, and leisure activities as you begin your search for a new home.
Can Your Finances Support a Mortgage Payment?
In order to buy a home that suits your needs, you must have excellent credit, a strong history of paying your bills on time, and a debt-to-income ratio that is acceptable by your lending institution.  Well in advance of wanting to buy a new home, you should be working to lower your debts and paying off the loans that you have so that your credit score will be higher and more attractive to your lender.  You’ll also need to have a down payment to help lower your mortgage payment or if you qualify for a no down payment loan, you’ll still need funds to cover your closing costs, the price for moving, and some earnest money to accompany the offer that you extend.
How Much House Can You Afford?
This is one of the most important questions to answer before you partner with a realtor and begin your search.  You should take into consideration insurances, maintenance on your home, and other costs associated with running your household from day to day.  A reliable realtor can take your current financial standing, calculate your income and debt ratio, and provide sound guidance about the price range of house that you can really afford.  You should be able to pay your mortgage, cover all of your other bills comfortably, and still enjoy some activities outside your home; you don’t want a payment that keeps you from enjoying those things that help you to make memories with your loved ones.
With careful thought, meticulous planning, and the help of an experienced realtor you can accurately determine if you are ready for home ownership.