Am I ready to buy a home in Charlotte?
If you are currently renting in Charlotte, or moving to Charlotte in the near future, you may be wondering, “Am I ready to buy a home?”
There is a ton of information out there on “Why it is a great time to buy a home in Charlotte,” but that is a different question from, “Are YOU ready to buy a home?”
Overall, home prices are lower than they have been in several years, and interest rates remain at the lowest they’ve ever been; so, it is a great time to buy a home. But, not everyone is ready – maybe you are.
Key things to consider:
- Is your income steady? If you have been working in the same job, or same line of work for at least two years, your income should be reliable enough to handle a mortgage payment.
- Do you have a good record of paying your other bills on time? Being on time with student loans, an auto loan, rent, or credit card payments for at least the past year is a good indicator to both you and a mortgage lender that your credit history makes you a good credit risk for a mortgage.
- Do you have any savings? While there are a few options to get a mortgage with no down payment, it’s still a good idea to have some money in the bank after you buy your new house for unexpected surprises. You do NOT need to save 20% of the home price as a down payment, despite what many people are saying – you may need 3.5% to 5% as a down payment, however.
- If you were to change jobs, or need a new job, would you likely stay in Charlotte, NC, or would you have to move to Alaska? If you work in a field that has opportunities in Charlotte, then changing jobs in a few years isn’t a big deal. However, if your career field is very specific and a job change also means a move, you might want to be really sure of the time you will stay at your current job.
Any Charlotte mortgage lender is going to look at your income, savings, and credit history when deciding to approve your mortgage application. As someone who is considering buying a home in Charlotte, you should look at the same things.
Yes, it is a great time to buy a Charlotte home – but, make sure you are ready to do so. Buying a home when you are not ready to be a homeowner can be a different kind of dream than the dream of owning your own home.
At Fairway Independent Mortgage, our Path Buy Homeownership Coaching Program is a free service that we offer Charlotte renters to put them on the path to buy their first home. If you would like more info about the Path2Buy, call us at 704-541-1172 and ask to speak to a Certified Path2Buy Coach.