HomeQUIZ - are you ready?
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1. Have you established a budget or price range for a home?
Yes   No  

2. Have you factored in the total costs of owning a home beyond the mortgage payment (such as home maintenance, home repair, homeowner's insurance, association fees, flood insurance, and new furniture)?
Yes   No  

3. Have you saved at least three percent of the purchase price for a down payment?
Yes   No  

4. Do you know how to calculate your debt-to-income ratio?
Yes   No  

  If so, is your current debt-to-income ratio less than 29 percent?
No   Have not calculated   Yes  

5. Do you know your credit score?
Yes   No  

  Is your FICO score at least 720 points?
Yes   No   Don't know  

6. Do you need to improve your credit record before applying for a mortgage?
Yes   No   Don't know  

7. If mortgage interest rates go up in the next year or so, will it put a strain on your budget?
Yes   No  

8. Have you been late with a rent check or credit card payment in the last 6 months?
Yes   No  

9. Are you able to set aside at least one percent of the home's purchase price each year for maintenance and home repairs?
Yes   No  

10. Have you calculated the exact tax liability of home ownership?
Yes   No  

11. Are you prepared for a detailed investigation of your financial status as part of the mortgage loan application?
Yes   No  

12. Will the home you can afford now meet your needs five years from now?
Yes   No  

13. Do you consider yourself a do-it-yourselfer?
Yes   No  

14. Can you afford a home in the area or school district you prefer?
Yes   No  

15. Do you plan to sell the home within 5 years?
Yes   No  

16. Is there a chance that your job will require you to relocate sometime in the next five years?
Yes   No  

17. Is there any reason to think you might lose your job in the next five years?
Yes   No  

18. Have you accounted for the possibility of property taxes increasing in your desired neighborhood or location?
Yes   No  

 
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9202 N. Meridian St., #250 | Indianapolis, IN 46260 | Phone: (317) 816-8900 | Fax: (317) 816-8911 |
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