Arcadia Realty
Is Now the Time? A Roadmap to Your Next Big Move
Buying a home is less about timing the market and more about timing your life. Before you trade a lease for a mortgage, run through this essential readiness checklist.
Financial Foundation. A credit score of 620 or higher is generally required for a conventional loan, though higher scores unlock better rates. Beyond the down payment, ensure you have a "buffer fund" for closing costs (usually 2% to 5% of the purchase price). Finally, check your Debt-to-Income (DTI) ratio; most lenders prefer your total monthly debts to stay below 43% of your gross income.
The Lifestyle Audit. Ask yourself:
Do you plan to remain in this area for at least five years? This is often the "break-even" point to recoup transaction costs. Is your income steady and documented? Are you ready to trade a landlord’s phone number for a personal toolbox? The true cost of a home isn't just the mortgage; it's the maintenance. Without an emergency fund, your financial readiness is incomplete.
If your credit is solid, your debt is manageable, and your roots are ready to grow, that "For Sale" sign is calling your name.
Arcadia Realty
