BlogHomebuying May 13 2021

4 Questions You Must Ask Before Buying a Home

How to decide when the time is right for you to buy a home.

With interest rates low and inventory lower, it's hard for potential buyers to sit back and watch home prices soar while they hope to get in the game. But this kind of frenzied home-buying market can make it difficult to stay calm and make rational decisions, especially when you feel like the doors may be closing on your dream of homeownership.

A scarcity mindset focuses on the notion that there isn't enough to go around, and it leads to a focus on short-term decision-making while ignoring the long-term consequences. And when that involves a major purchase like a home, the consequences can be personally and financially stressful.

If a buyer rushes into a home purchase before they are ready, it can lead to buying a home that's too expensive, not the right fit, or overwhelming to maintain—and force that buyer to turn around and sell it too soon.

Fortunately, guidance from a good Realtor and a mortgage lender can go a long way in helping you decide when you are ready to buy a home. Here are some questions they might ask to help you determine if the time is right for you to buy a home.

Is your income stable?

When applying for a loan, you'll need to provide proof of income to show that you are earning enough money consistently to pay your mortgage. If you've recently changed jobs, you might want to give yourself a few months to ensure the new job is a good fit. After all, if it isn't, you may be faced with an unexpected job search and relocation.

If you are self-employed, ask yourself if you feel confident with your average monthly income and current cash flow to meet your mortgage payments each month, and consider your options if you have a slow month or lose an important account or client.

Do you have adequate savings and an emergency fund?

We've all heard the term "house poor." Owning a home and having nothing left to spend on anything else, in reality, means that the home owns you. Financial experts recommend having 3 to 6 months' worth of living expenses in an emergency fund, as well as a savings account to address emergencies, repairs, maintenance, or expenses that pop up both in your home and in your life.

Do you have enough for a downpayment?

Having a sizable (20% or more) down payment is ideal, and can qualify you for more attractive loan products, better interest rates, and spare you the cost of private mortgage insurance.

Is your credit in order?

Your credit profile and credit score will majorly impact what kind of loan you are approved for. Higher credit scores usually lead to lower monthly payments which could save you thousands over the life of the mortgage.

Once you've answered these basic questions, you'll be much more clear on if, when, and how you should buy a home. To find out if you're ready, or get help preparing yourself to be a homebuyer, contact a lending professional at

Search Results for query

June 16 2021

Pest-proof Your Home and Yard for Summer

Here are some tried-and-true strategies for keeping bugs and other pests at bay during the summer months

Read More

June 09 2021

4 Ways to Weatherproof Your Home for Summer

How to inspect, repair, and get your home ready for warmer months

Read More

June 03 2021

Budget-friendly Outdoor Entertaining Hacks

Host a fab get-together without breaking the bank with these budget-friendly outdoor hacks.

Read More

May 25 2021

When is the Right Time to Refinance Your Mortgage?

Mortgage rates have been at historic lows for years, but with the post-pandemic economic uncertainty and possible inflation looming, there's been a scramble for homeowners considering refinancing.

Read More

May 20 2021

How to Choose the Right Closing Date on a New Home

What you need to know about setting a date that works for you and might save you money.

Read More

May 13 2021

4 Questions You Must Ask Before Buying a Home

We've put together some questions to ask yourself when the time is right for you to buy a home.

Read More

May 06 2021

4 Mistakes Buyers Make in a Seller's Market

Buying your dream home in a seller's market is possible if you're able to avoid these common mistakes.

Read More

April 28 2021

Understanding Closing Costs

An important part of calculating your budget when home shopping includes considering closing costs, which are additional payments you will need to either pay upfront or roll into your loan and gradually pay off

Read More

April 21 2021

The Just-Right House

Home sizes in the U.S. have been growing steadily over the years, and with our sudden shift to stay-at-home living, new home buyers are thinking hard about what that means for them as they plan their dream homes. Here are a few factors to consider.

Read More


Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator


Affordability Calculator

affordability calculator


Refinance Calculator

refinance calculator


The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?