Are You Financially Ready to Buy a House?
Posted by Greg Dewar on
Are You Financially Ready to Buy a House?
Are you a first time home buyer? If you’re starting to think about buying a home and have peeked inside an open house or two, you'll want to keep reading.
If your employment is secure and you plan on living in the same place for a while, it might be time to consider if you are financially ready to purchase a home. Here are some important financial questions everyone should ask themselves before they buy a home:
Do you have a Down Payment?
The minimum down payment to purchase a home today is 5% of the purchase price. Obviously the more you are able to put down the better, and anything over 20% of the purchase price will also help you avoid paying fees for mortgage insurance.
More money for Other…
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