I want to ask you a question: Are you ready to buy a home? I hear this question from potential homeowners on a daily basis. They’re tired of paying rent and want to buy but aren’t sure if they’re ready to take on the added responsibility of paying taxes, insurance, etc. It’s a big step to take, which is why you should ask yourself these questions before you start the process of house hunting:1. Do you know how much you can afford? If you were to buy a $300,000 property, how much money do you have saved up for a down payment and what would that make your monthly mortgage payment? This isn’t a time to ballpark the numbers. Overcommitting to a mortgage payment can leave you house-poor, which means you’ll have very little money left over for other things. Add up your monthly expenses and don’t forget to include debts like student loans and car payments. Once you know how much you have coming in and going out each month, determine a number that you can afford to spend on a monthly payment before you start house hunting.2. Do you have a down payment? Contrary to popular belief, you don’t need 20% to buy a home. If you do have 20%, it gives you a natural advantage in the marketplace by not having to pay private mortgage insurance. However, even with less than 20% down, it’s still a good time to talk because you still might be paying more in rent than what your monthly payment (with PMI) would be.3. Will you have money left over after closing? Your bank account should not be $0 after closing. You should still have an emergency savings fund that will cover three to six months of living expenses on hand at any time.If you’ve answered “yes” to these questions and you’ve determined that you are ready to buy a home, don’t hesitate to give us a call or send us an email so we can talk about how to start the process. If you have any other questions in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.“You don’t need 20% to buy a home.”