How do you know when you are financially ready to buy a home?  Look for these signs that may be clues that you are ready to take the plunge.

1. You Feel Confident in Your Finances 
   With many people graduating from college with over $30,000 in debt, stable finances look different for everyone. In general, you want to have credit card debt under control and look closely at auto and personal loans. If you’ve made a lot of progress paying down your debts, it may be time to buy a house.

2. You’ve Saved Enough for a Down Payment 
   Gone are the days where you needed anywhere from 10% to 20% of a home’s value to qualify for favorable mortgage terms. Today, many quality lenders will work with buyers who only have a modest down payment. However, your down payment has a huge effect on the final amount of your mortgage. If you have rolled up some savings, it is a good sign.

3. You Have a Realistic Budget 
   You may feel ready, but only a good budget tells you if you are ready. It’s true you can often arrange a monthly mortgage payment about the same as rent. However, there are other costs to be aware of, including property taxes, insurance, city assessments, utilities, and the expense of necessary home maintenance. If you’re backed by an accurate budget, you may be ready.

4. You Look Forward to the Challenge of a Leaky Sink 
   New homeowners are surprised by how much can go wrong—even in a building that’s in good condition. Most mishaps around the home are minor and won’t cost much to fix. However, it sometimes feels like every little thing is happening at once. It can help if you have an affinity for DIY projects, or at least a willingness to roll with the punches.

5. Checkout the Mortgage Calculator 
   This tool and others included here are available to help you establish your budget.