Wondering If You're Ready to Buy Your First Home? Get Expert Advice From George Tillerson III

NEWPORT NEWS, VA, UNITED STATES, November 2, 2020 /EINPresswire.com/ -- Wondering If You're Ready to Buy Your First Home? Get Expert Advice From George Tillerson III

George Tillerson III, who is co-owner of American Escrow and Title Co. wants people to know that right now rental prices are increasing and interest rates for mortgages are low. This means that now is a great time for those who are paying a lot of rent to think about purchasing their own home. However, since buying a home is such a big purchase and commitment, many people wonder if they are really ready to make the leap into homeownership or if they should continue renting for a little while longer. Here are three signs that you may be ready to buy your own home.

George Tillerson III States You Need To Have a Stable and Steady Job

George Tillerson III states that one of the most important signs of being ready to buy your own home is having a stable and steady job. If the number of hours you work each week is not consistent, if you are worried about lay-offs at your job, or if you are thinking about changing careers and trying your hand in another industry, you might want to hold off on buying a home. However, if you have been in your position for at least one to two years and you feel comfortable that your income is fairly stable and safe, purchasing a home may be something you should consider.

George Tillerson III Explains the Importance of Savings and Finances

George Tillerson III explains that another important factor to consider when deciding if you are ready to purchase your first home is the status of your savings and finances. You need to have enough money saved for a down payment to purchase a home. You should also have enough money to pay for any unexpected repairs that may arise once you purchase the home. People also like to paint and furnish their new home. That costs money as well. Finally, you should always have at least six to 12 months of savings on hand, and you should not look to deplete that savings purchasing your home.

George Tillerson III Talks About Having a Good Credit Score

Lastly, George Tillerson III wants people to understand the importance of having a good credit score prior to buying a home. If your credit score needs work, repair it before you start the process. Your score plays a role in whether you are approved for a loan and how low your interest rate will be. The higher your score, the lower your interest rate. The purchase price of a home with even a minor adjustment in the interest rate can make a huge difference over 15 or 30 years of the loan term.

George Tillerson III wants you to feel comfortable with your decision to buy a home, and wants to ensure you are financially ready for such a large purchase. Carefully looking at these tips and thinking about them in relation to your life will help you determine if you are ready to purchase your first home.
Buying a Home is a Big Step. George Tillerson III With American Escrow and Title Co. Can Help You With Your Purchase!

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