Rocky Top Lending

FIRST-TIME HOME BUYERS

IS IT TIME TO BUY?

Thinking about buying? Have you gone through the process before or is this your first time? Buying a home is a huge financial decision, but it's also an emotional one. There are steps to determine whether you're financially set, but the emotional side of buying a home is often overlooked. To gauge whether you're ready to stop renting and buy, think about these below-the-surface questions:

IS THERE A "WANT" TO BUY A HOME?

You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

DO YOU DESIRE MORE PRIVACY AT HOME?

If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)