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Signs You Are Ready to Buy Your First Home

Some people think about buying a home when they are paying rent for the 100th time. Others decide that they are ready to buy a home when they hear their family and friends explain the joys of homeownership. If you are one of the thousands of Rhode Islanders that are now considering homeownership, J.Christopher Real Estate Group would like to share the subtle signs that you are ready for this new chapter in your life.

“The majority of Americans can certainly purchase a home if they spend their money wisely,” said Jarrod C. Lewis, owner of J. Christopher Real Estate Group. “For most home buyers, the largest hurdle to homeownership is simply having their finances in good order and understanding what lenders are generally looking for in a borrower.”

Families can gauge their home buying readiness by using the same metrics that banks use when they are deciding who to approve for a mortgage.

Tools like the debt-to-income ratio are mathematical formulas for banks to quickly assess whether someone would be able to pay a mortgage comfortably, but it wasn’t designed for everyone’s financial situation. To help you determine whether you are ready to make the jump, we have compiled a list of signs that typically indicate you are ready to buy a home.

A Healthy Savings

If you have diligently saved more than six months of rent in your bank account, you have saved enough money for a down payment on a home. Assuming you are not taking advantage of a $0 down payment program, that means you can pay between $5,000-$8,000 for a minimum down payment and still have money left over for your regular monthly expenses.

Steady Employment

First-time home buyers will have better luck in the mortgage process if they can show a solid job history. It is important to note that mortgage lenders will consider applicants with shorter job histories if they are working in the same field.

Looking for Investment Opportunities

Families looking for investment opportunities may want to consider buying real estate because it is generally accepted that this type of investment will grow over time. An added benefit is that you can live in or rent out the property for a steady source of additional income.

Ready to Settle Down

You may have moved multiple times over the course of a few years, but you and your family have decided to stay in the same place — especially if you have kids who are ready to start school.

Good Credit Score

Financing a home is not possible without a credit score. That said, anyone with a score above 650 should be eligible for a mortgage, pending other factors, with higher scores netting first-time home buyers a better overall interest rate.

Your Financial Obligations Are Manageable

Your debt will undoubtedly appear in your credit score, so it is important to remain honest with your lender. Deals can fall through at any time, but you can be confident about your odds if you are not expecting changes in your financial situation.

Homes in Rhode Island are plentiful if you know where to look. J.Christopher Real Estate Group has the expertise and professionals to help you secure a home fast, and at a price that you can afford. If you meet some, or all, of the criteria mentioned above, give us a call at 401.830.6906 to begin scheduling tours today.

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About Us

Built for people like us.
Licensed in Rhode Island, Massachusetts and Connecticut, J.Christopher Real Estate Group is the go-to real estate solution for people who value hard work and results. Whether you’re a first-time buyer or you’re selling your long-time family home, you’re always our top priority because you’re our client.

Led by Jarrod Lewis, J.Christopher Real Estate Group is a team of professionals working to provide our clients with personalized customer service backed by years of trusted, industry experience.

We treat people like we expect to be treated, and we understand the value of hard work. This means we will be there for you at night and on the weekends to answer your questions and guide you through the process.

Testimonials

Jarrod and his team were incredible. We worked with Jarrod and Lori on purchasing our first home and it was by far the best experience working with anyone on anything, I've ever had. I was confident knowing they were taking care of us throughout the home buying experience, and even now, after purchasing our home,

Justin Lizotte

We recently closed on our house last week and let me tell you how FLAWLESS and EFFORTLESS the process was with Jarrod's team! This was our first ever home buying experience and I am not sure what people say is so "tough" or a "nightmare". We worked with Erica and she was a rock-star throughout

Alyssa Toth

Lori McVey was nothing short of an excellent and amazing realtor. She is very knowledgeable and understanding and was conscientious to my situation, as well as the entire process of home buying and what to look for and do, etc. When I needed her to come through on something she did so and then some.

Kyle White

Can't say enough about Jarrod and his team. Honest and straight forward, I got a a strong sense of his integrity when I first met him and my first impression was correct. He and Stefanie were always available immediately when I called them. No waiting endlessly for a response or wondering why they hadn't called.

Kevin McGrath

Contact Us

986 Hartford Avenue Johnston RI 02919

401-830-6906
info@jchristophergroup.com
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