Signs says whether you are ready to buy a property

If you are thinking that you ready to make the move? You might be if you:

1. You have to pay attention to know how much houses are listed in the neighborhoods you must look with realistic view of how much a house will cost you.But if you're looking towards big corner house without the knowledge of price, you may want to spend some more time becoming familiar with the market and how much houses are going for.


2. The down payment is determined as the percentage of the value of the property that usually ranges from 3 to 20 percent of the property value. Also, you may need to have Private Mortgage Insurance if your down payment is less than 20 percent. Closing costs includes points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs.


3. You have to know how much you can afford.your monthly mortgage payment should be less than or equal to a percentage of your income. Also, your income, debt and credit history go into determining how much you can borrow.


4. Additional expenses may also come with owning a home. This includes homeowners insurance, utility bills, roofing, plumbing, heating and cooling.


5. Have your credit report is accurate. Potential lenders will view your credit history -- how much debt you've accrued and in good shape, how many accounts you have open, whether your payments are made on time, etc.


6. If you have made any purchases recently,particularly a vehicle then it is harder time getting a loan or it could potentially lower the amount you'll be approved for.