In this post by Riva Title Company in South Miami, we’ll go over some signs that let you know you’re ready to be a homeowner. Keep reading for more information and some answers to your questions.


You’re Ready to Stay in One Place

Deciding to settle down and stay in one place is a big decision for many people. But many others welcome the stability that comes with throwing down roots. If this sounds like you, ensure that the properties and neighborhood you’re looking for can fill your expectations and family needs for the next 30 years, which is the length of most mortgages. Of course, you can always choose to sell your home, but staying put in one place for at least 5 - 10 years can ensure a good return on your investment.

An excellent home-buying team is essential when it comes to buying your first home. Contact Riva Title Company at 786-787-7888 to talk to one of their experienced title agents and have them ask all of your questions about title services in South Miami.

You Don’t Want to Pay Rent

Another good sign that you’re ready to be a homeowner is not wanting to pay rent anymore. Often, people choose to pay rent because they’re moving around a lot because of job opportunities, their lifestyle, or because they haven’t decided where they want to stay for the long run. Other times it’s because they haven’t crunched the numbers to figure out if they could afford to buy a home. If you’re in a position where paying a mortgage isn’t too different from what you regularly pay in rent, it could be time to figure out if investing in a home wouldn’t be a better option. Remember that your mortgage shouldn’t be more than 28% of gross income to keep your finances healthy.

You’ve Saved Enough for a Downpayment

If you’ve been thinking about buying property for a while, there’s a good chance you’ve saved enough for a down payment. There’s a common saying that you should save around 20% of the total home’s cost for a down payment. Even though saving up 20% of your property’s value is an excellent goal to have, many lenders can go much lower on the percentage they ask from you at closing. There are even some government-backed loans that could mean a 0% down payment and other conventional lenders that could go as low as 5%.

When purchasing a home, it’s essential to stay safe and protected. That’s why having an expert title agent can make all the difference. Contact  Riva Title Company today and learn how they can help protect your investment. Call 786-787-7888 today for more information.

You Have a Good Credit Score

A good credit score is essential when thinking about applying for a mortgage. Credit scores are one of the ways that mortgage companies and lenders how likely you are to pay back your loan. But what is a good credit score for buying a house? Most conventional lenders require a credit score of about 620 to give out a loan to purchase a home. That being said, some lenders will go as low as a score in the 500s to give out a mortgage. Other than a good credit score, a lender will consider other factors such as your gross income, additional credits, and debts you might have for a complete picture of how much risk you represent.

You’re Ready to Invest

Lastly, being ready to invest is also a good sign that you’re prepared to be a homeowner. Being prepared to invest means that you have enough financial stability to start thinking about investing. Owning a home can be an excellent long-term investment as they tend to rise in value as the years go by, not so much because of the property itself but because of the location where it’s at. If you choose a property in the right area, with good schools and the right amenities, its value could go up in the following years. Any properties you buy, even if it's not entirely for investment purposes, it's a good idea to keep it in as good a shape as possible for it to keep its value as much as possible. If you're thinking of owning a house, it's important to keep maintenance in mind in the overall expenses of the house.

If you’re planning to buy a house, ensure that your investment is protected with advice from the experts at Riva Title Company in South Miami. Call them today at 786-787-7888 and ask how they can help your home buying process.