Three questions to ask

Everyday Stewardship |

Find out if you are financially ready to buy a house

After getting married and living in an apartment for over a year, my wife and I struggled to determine if the timing was right to buy our first home. We did what most people do – we made a list of pros and cons to determine the best decision. Looking back at our list, there were a lot of things we didn’t think about.

Want to buy a house?

You don’t have to determine by yourself if you’re financially ready to buy a house. Make an appointment with your Everence financial advisor today. Your advisor can use his or her expertise to analyze your finances by looking at your debt, cash flow, savings and local taxes to help you decide if buying a house is the right decision for you.

Many young people ask me, as their financial advisor, “When is the right time to buy a house?” While there are no magic answers, here are a few of the key questions potential homebuyers should ask themselves before making the decision to buy a home.

  1. How do you handle debt? Consider other loans and credit cards that could hurt your ability to finance a home or make it more expensive.
  2. Do you have a 20 percent down payment and enough cash to get started? You may have heard that you should have 20 percent down, but will you have enough on hand afterward? Once you get the house, you’ll need cash for purchases, such as a lawnmower, washer and dryer, and furniture. Also, things will inevitably break and you’ll want money on hand for repairs.
  3. Is the payment right? Keep in mind that your monthly payment may not only be just the principal and interest. You’ll have to budget for property taxes, insurance, and other potential expenses, such as neighborhood association fees.

Ask yourself these questions so you can make thoughtful decisions about whether now is the right time to buy a house. These questions require honest answers, but you can eliminate some of the stress of buying a house if you know your finances are ready for it.

Craig Foor, CLU®, ChFC®, CASL®, is a Financial Advisor in the Direct Region of Everence. Learn more about his expertise at (under Find your representative), and watch his video interview.

Craig Foor head shot


Craig Foor, CLU®, ChFC®, CASL
Financial Advisor

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You don't have to determine by yourself if you're financially ready to buy a house. An Everence financial professional can use his or her expertise to help you analyze your finances and develop a plan of action with you.


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Advisory services offered through Everence Trust Company and Investment Advisors, a division of ProEquities Inc., Registered Investment Advisors. Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Investments are not NCUA or otherwise federally insured, may involve loss of principal, and have no credit union guarantee. Everence entities are independent from ProEquities, Inc.