How to Know If You’re Ready to Make a Home Purchase

Buying a house can be a tough decision to make. The whole thinking process involves a lot of consideration and emotions. One day, the excitement can be overwhelming; the next day, you can feel doubtful and scared! 

All these emotions can cloud your critical thinking process—as such, they can affect your decision-making too! For anyone making a purchase as huge as that of a property, then it is always essential to have one’s emotions and thoughts on guard to make the wisest decision.

To manage your emotions better, here are some helpful steps to take. The process would help you understand why you feel that way and think critically about it.

Step 1: Revisit Your Why

When clouded by emotions, people can be overwhelmed and forget the reason they do things. It would help if you sit down and think about why you decide to take this huge step in your life. Doing that can help you forget about worries and problems and instead focus on the goal you plan to achieve in the future.

Step 2: Determine If You Are Ready

Everyone dreams of having their sanctuary, but the right timing also plays a huge role in determining when you should pursue it. 

Understand if it is the right time for you to make your purchase. Finding the answer to that question is not easy, so use these guide questions to help you figure it out:

  • Can you stay in that location for at least 30 years? Home mortgages usually last for around 30 years. If you are not yet ready to commit to staying in one house at one location for that long, then you probably are not yet prepared for a property purchase. If you are thinking of relocating soon or changing work, you might want to make your purchase once you are settled with everything else!
  • Do you have emergency savings for home repair? The expenses do not stop once you make your purchase. Buying a house means being responsible for everything, including its maintenance and repair. You still need to allot the budget for its other concerns, too, such as when appliances break down or if a storm messes your property up.
  • Are you ready for more expenses? Apart from the previously mentioned expenses, it would help if you also contribute to other expenses like the HOA fees, insurance, and more. If you think your monthly income would not suffice, then you might want to reconsider. 

Step 3: Make a Financial Assessment

After going through an emotional audit, it is time to make a financial assessment before pushing through with your purchase. By examining some factors, you would have an idea of whether you are capable of paying and if you can pass the mortgage application or not. Here are some questions to answer:

  • How reliable is your monthly income?
  • What is your credit score?
  • How much do you make every month?
  • What are your existing investments?

You need to know your answer to these questions because it would determine whether your loan provider would grant you an approved mortgage. 


Do not let your feelings get the best of you, especially when making a life-changing decision. Always break down the process and deal with it one step at a time. If you think you pass these three steps, then you are more or less ready to get your future home soon!

If you’re sure about your decision to purchase a home in Bellevue and are now looking to apply for a home loan, then paloRATE can help you out! You can view live rates in your area through our site, and we can also send you the best mortgage deal that we can provide. Get in touch with us today to find out more about how we can help!