Rocket Homes' Interactive Home Buying Quiz
Jamie Johnson3-Minute Read
August 19, 2022
If you’re not entirely sure what type of home you’re looking for, the home buying process might seem nerve-wracking – but it doesn’t have to be.
Before you begin house hunting, it can be helpful to jot down some must-haves to share with your real estate agent. Taking a home buying quiz is another great way to narrow down what you want from a home.
If you want to buy a house but you’re still not exactly sure what you’re looking for, the Rocket HomesSM Interactive Home Buying Quiz is for you. This quiz can help you determine what your must-haves and your deal breakers are so you can figure out what your dream home might look like. We’ll even show you real homes for sale in your area that match up with what you’re looking for.
Keep reading to learn more about the home buying process and how to get started with our quiz.
Am I Ready To Buy A House?
Your financial situation is the biggest determining factor when deciding whether or not you’re ready to buy a house. You want to be financially stable before you start looking for a home — potential lenders will evaluate this before approving you to get a mortgage.
There are several different aspects of financial stability, and your credit score is one of the most significant factors. You typically want to have a credit score that’s at least 620 to get a conventional loan. Government-backed loans like FHA or VA loans may allow you to get a mortgage with a lower score. It’s also a good idea to save up a 20% down payment on a home to lower your monthly payments and avoid paying private mortgage insurance (PMI) if you’re getting a conventional loan.
Though 20% is the “gold standard,” you don’t have to put down that much. At Rocket Mortgage® you can make a down payment as low as 3% on a conventional mortgage if that makes more sense based on your financial situation.
In general, most people begin looking for a house once they’re ready to put down roots in one place and have the savings to do so. They likely have a stable job and could be raising a family.
If you want to buy a home, you will need to make time to work with a real estate agent or REALTOR®, too. If you’re financially stable, ready to put down roots, and willing to take time to look for your perfect home, then you’re probably ready to buy a house.
What To Look For When Buying A Home
Knowing what to look for when buying a house will help you narrow down your search and make the best use of your time. Here are some things to consider as you’re looking for a home:
- Budget: The first thing you want to consider is your budget — this is how much money you have to spend on a home. Once you’re preapproved for a mortgage, your lender will tell you the maximum amount you’re eligible to borrow. You should take a close look at your budget and figure out the monthly payment range that makes the most sense for you.
- Condition of the home: You also want to think about what condition you want the house to be in. For instance, are you looking for new construction homes, or do you want to buy an older home and fix it up? Renovations may cost a pretty penny, too – so think about how much you’re comfortable spending on home improvements.
- Size: How many bedrooms do you need to accommodate your family? Are you looking for a home with extensive square footage, or can you make a smaller home work?
- Features: It’s also a good idea to think about what features you must have in a house and which you could stand to live without. For instance, maybe you want a large backyard with a patio but can live without a pool if that’s not something you’re able to find. Are you looking for upgraded appliances and a large kitchen? It’s also a good idea to think about how these features will add to the resale value of your home.
- Location: And finally, you should think about your ideal living location. Are you looking for a suburban neighborhood with an excellent school system? Or are you looking for a home near the city so you can access more restaurants and enjoy a livelier nightlife?
Take Our Dream Home Quiz Below
If you need some help figuring out what your ideal home looks like, you should take our Dream House Quiz below. This quiz will help you identify the type of house, size of the house, specific house features, neighborhood, and budget that may work best for you – as well as similar homes that are available in your area. Give it a try!
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