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Are You Home-Buying Ready or Not? Uncover Your Property Prowess with Our Fun Quiz!

Jan 7, 2024 | Buying

by

Regardless of your quiz results, remember that buying a home is a personal decision based on many factors. This quiz is a starting point to help you think about what’s involved. Happy house hunting!

Quiz - Are You Home-Buying Ready or Not

Quiz - Are You Home-Buying Ready or Not

1. Have you saved up for a down payment?
ANSWER
A down payment of 20% can help you avoid private mortgage insurance and secure better loan terms. However, many first-time homebuyer programs allow down payments as low as 3%.

2. Do you have a steady income?
ANSWER
A steady income can make it easier to manage a monthly mortgage payment and other home-related expenses.

3. What is your debt-to-income ratio (DTI)?
ANSWER
The debt-to-income ratio is the percentage of your gross monthly income that goes towards paying debts. Most lenders prefer a DTI below 36%, although some may accept higher ratios.

4. Are you ready for the responsibilities of owning a home (maintenance, repairs, etc.)?
ANSWER
Homeownership isn’t just about the mortgage payment. You’ll also need to budget for maintenance, repairs, and unexpected expenses.

5. Do you plan to stay put for at least five years?
ANSWER
Generally, it makes more financial sense to buy a home if you plan to stay put for at least five years.

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