5 Signs You’re Ready to Look for For Sale Signs

You paid your dues in roommate living. You got the job, set up the savings account, and entered The Official Adulting Phase of your life. You’re tired of listening to the leaky faucet drip that the landlord won’t fix. Are you ready to own your own slice of this town, or are you just bored and looking for a project? Here are 5 signs that you’re ready to check out properties:

You’re Ready to Commit 

Easy, turbo – we don’t mean romantically. Home ownership comes with long-term responsibility to maintain your property to certain standards, and to be prepared to be there if disaster strikes. But when you put in the work on something of your own, the rewards are immeasurable – not to mention the equity you’ll build.

You’re in Touch with Your Credit Health 

Knowing your financial health is paramount to a successful real estate transaction. You don’t want to be surprised when applying for loans, especially with a significant other or business partner sitting next to you, that you still owe $5,500 on that credit card from college. There are plenty of apps to keep track of your monthly payments, outstanding debts, and incoming cash to help you navigate your way to a credit score you’ll want to brag about. Plus, typically the higher your credit score is, the lower your mortgage rate will be. It’s a good idea to check your score and get a free copy of your credit report annually at AnnualCreditReport.com (not to be confused with the catchy-jingle sites).

You Know What (and Where) You Want 

Make a list of deal-breaker must-haves for yourself, as well as what you’d be willing to sacrifice for the perfect spot on a corner lot. Double garage or biking distance to the brewery? Third bathroom or cut your commute in half? Talk to friends and family in your desirable neighborhoods to learn of their real estate victories and regrets. 

You Have Some Liquid Assets 

There are programs available to obtain home loans with little to no down payment, and definitely meet with a lender to investigate what may be available. However, even if you qualify for one, you will still be facing earnest money, inspection fees, closing costs, etc. Then after shaking out your hand cramp from signing all the closing docs, you arrive to your new home and realize you don’t own nearly enough trash cans, lamps, or cleaning supplies. The point is - there will be costs you haven’t planned for even if you’re ready to go with 20% down. Give yourself a cushion before entering the process. 

You’re Reading This List 

It sounds like your mind is on real estate. The smartest first move to make is to find a lender and institution with whom you feel comfortable and have them get you started on your loan pre-qualification check list. It’s so much more fun finding your dream house when you already know you’re qualified to purchase it!

Opportunity Bank of Montana
Mortgage Division Content – Amplify