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Quiz: Buying a House — Are You Ready?
Have you been daydreaming about buying a house you can call your own? One of the first steps to getting the keys to your dream abode is securing the finances to purchase it. A home loan can help you claim the title of homeowner for the place you've been eyeing. Take this quiz to see if you're ready to get a home loan and begin your home buying journey.
1. Do you feel ready for home ownership?
Before you answer this question, consider the following questions to help you decide if you really feel ready:
- Are you paying more for rent than you would be for a home loan?
- Do you need a home for a new phase of life, such as expanding your family or moving in an elderly parent?
- Has your career grown to the point where you are financially stable and can confidently make mortgage payments?
- Are you merging incomes with a spouse or partner?
- Are you at a point where you want to lay down roots in a specific location?
- A. Yes
- B. No
2. Are you ready to get pre-approved for a home loan?
- A. Yes
- B. No
3. Do you have all the necessary documents for a home loan application?
If you are unsure what documents are needed, take a look at the list below:
- Tax returns for the last few years
- Pay stubs, W-2 forms or other proof of income
- Bank statements
- Statements of other assets, such as investments
- Credit report
- Gift letters for money received from friends and family to purchase your home (if applicable)
- Photo ID
- A. Yes
- B. No
4. Do you have a qualifying income, a reasonable credit score and the money for a down payment?
- A. Yes
- B. No
5. Are you ready to get a custom quote for your potential home loan?
- A. Yes
- B. No
Please answer all the questions.
RREADY FOR A HOME LOAN?
GET STARTED