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Tell-Tale Signs You are Not Ready to Buy a House

Mortgage loan on a keyboardIf you have the option to buy a house than renting it, would you take the road towards home-ownership? Sadly, even if you really, really want to, there are telltale signs that show you are not ready to become a homeowner. Here are some of them:

You do not have that much money saved

Let us start with the obvious and most painful truth. Even if you have some money saved, if you are not earning that much, how can you afford the monthly payments? Let us say that you already have some money saved for emergency funds that is not enough. You need to have some money saved for the deposit and upfront fees you need to cover if you are applying for a home loan. Save for that deposit first.

You are knee-high in debt

When you are applying for home loans here in Utah, remember that your credit score will undergo scrutiny. Moreover, if you have a bad credit score, do not even try to apply. However, let us say your credit score is not that bad but you still have a handful of loans that you need to pay for. Consider paying off debts first before you think of buying a house. Remember that most mortgage plans ties to you for a long time, normally up to 30 years. You do not want to get the mother of all loans if you still have a lot of small ones.

You are not sure if you are staying put

Many people, especially those who are chasing careers in other cities, states, and countries, opt not to buy homes yet because they are not sure if they will stay long. If you are in the same predicament, consider postponing your dreams of becoming a homeowner for now and just work and save for the deposit. It is better to buy a property that you see yourself living in if you are sure that you are staying. Do not worry, just because you think you are not yet ready does not mean you will never get to buy your own house someday. It takes time. So do not be too hard on yourself. What is important is that you take small steps towards making yourself an eligible candidate for home loans.
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