Are you ready to stop renting? 8 Telltale Signs

Ready to give you freedom from responsibility. But is this enough? And that’s what I want to talk to you in this video. My name is Janine Sasso . I’m a local agent in the northwest suburbs of Chicago, and I have helped hundreds of renters homebuyers. And I want to talk to you about some of the signs that I saw that they are ready to purchase a home. The first thing that most people complain about is the fact that their landlord keep raising their rent. Now, if you are renting, you’re probably looking at that payment and wow, it’s a lot of money. Can I maybe start owning my own home for that? And one of the first things you should be aware of is how our rent increasing and how is this affecting your budget. If you’re spending more and more and more and more money on your rent, you might do other things behind, like vacation or things you really are trying to pay for. And once in life, do you get money actually for it? Because the feeling is great, right? Having a place to live is great. But we also want to live and that is definitely one of the first considerations to look at. The next thing we want to talk about is your credit score. Yes, we can buy a house with a credit score o f 580. But and I want to be very honest with you, what comes along with that is a very high interest rate. And you need to put up a decent amount of down payment as well in order to make it work. So is it worth it?

Probably. Maybe not. So really make sure you’re going to start working on your credit score to have a decent and healthy for the lenders and get financially responsible and give you a better rate. The next thing we’re going to talk about is your debt to income ratio for these. And what it is, is just the amount of debt that you have to your name. You don’t have to have zero debt. Okay? Like it’s okay to have some debt, but you should really aim to keep that number at 30% for the loan in order for you to have some room and a healthy margin when it comes to your DTI ratio, you have money set aside to handle repairs. This is another great point that I think oftentimes overlook having a down payment. Yes, that’s awesome. Having a repair budget, however, is something that many people don’t talk about. And one of the things that I can point out to my clients and we will make adjustments down payment sometimes in order to look for an emergency fund.

If something does come up, there’s no way to draw anymore. And I don’t want you to ever feel financially strapped when it comes to home ownership. Having a cushion and a little bit of a safety net is really a big, big reassurance. And as I mentioned, down payment. Yes, you will need to have down payment and closing costs available. And down payment can be as low as 60% of the purchase price. So we’re not looking at tens of thousands of dollars now, 20%. We’ll make sure that you do not have to pay something we call private mortgage insurance. However, sometimes waiting longer in order to get to the 20% is outweighed by the fact that you can get into something sooner and get a more stable rate and a lower purchase price. So definitely don’t you consider when it comes to buying now or buying later? The next thing is to know that you’re ready to settle down in one place. If you are moving year after year after year, it does related. Maybe it’s not the greatest time for you to buy a house, in all honesty, because purchasing a home or having somewhere to go to come home to it might make sense to wanting to be a little bit more stationary and at least spend a couple of years there before you decide to sell it to and you become profitable. You have to have a certain amount of equity in the home in order to sell it at a profit. And that’s. We like to sell for profit. Another sign that you’re ready for home ownership is if you are looking at a major life event now that major life events can be graduating from college. It could be getting married or having more children. We think that.

Life events are a catalyst like how to make them go.

So if you are looking at having any of these things happening, maybe it’s a great time to look into homeownership. Does it make sense? And last but not least, the number eight that you know, you might be ready for homeownership is the fact that you have the starter idea that what you might like in a home. Right. Do you maybe look broken or do you like the convenience of a townhouse? Are you enjoying a private yard and a single family home and know your amenities? Right. How many bedrooms in your. This is something that if you have a general idea, we can work with you drilling it down more into the drone vision that you would like to own. So go to our eight signs. Maybe you recognize some of them. You can download the PDF with all time simply by clicking the link below. And if you have any other questions, please with us. My name is Janine Sasso. I’m a local real estate agent in the northern suburbs of Chicago, and I hope this one is helpful for you. Make it a great one.

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