Are you ready to buy a house?

Quiz Questions

• 1.
  Do you have any credit card debt?

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  • A.
    Zip, zilch, zero! No credit card debt for me.
  • B.
    I've got some debt, but I'm making consistent progress towards paying it off.
  • C.
    Yes, I'm in credit card debt, and the hole just keeps getting deeper...
• 2.
  You are ready to live in your new house for at least five years...

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  • A.
    Yes! It's time for me to settle down and turn my new house into a home.
  • B.
    No! Who knows where life may take me? I'm open to all the possibilities.
• 3.
  Do you know how to fix common household maintenance issues?

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  • A.
    Heck yes! From leaking sinks to sticky locks, I've got it covered.
  • B.
    Nope, BUT I have the resources to pay someone who knows their stuff to do it.
  • C.
    No, and I can't count on having enough money to hire a handyman.
• 4.
  When calculating the cost of buying a house, which of these have you taken into consideration?

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  • A.
    Closing costs
  • B.
    Furnishings
  • C.
    Taxes
  • D.
    Insurance
  • E.
    Repairs
• 5.
  Do you have a stable source of income to cover your monthly costs?

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  • A.
    Yes, paying my mortgage won't be a problem!
  • B.
    No, but I'm taking steps to secure a stable source of income!
  • C.
    No! My employment is pretty hit and miss.
• 6.
  How much do you have saved for a down payment?

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  • A.
    Less than $10,000
  • B.
    $10,000-$25,000
  • C.
    $25,000+
• 7.
  Do you know what you're looking for in a house?

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  • A.
    Yes! I've got it all sorted. Location, size, and price – I won't stop looking until I find something that fits.
  • B.
    I have an idea of what I want, but I still have to nail down the nitty-gritty details.
  • C.
    Uhm, something with walls and a roof? Maybe I should narrow my criteria a little...
• 8.
  You've already hired a realtor...

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  • A.
    Yes! After interviewing a couple candidates, I found the perfect realtor for me.
  • B.
    No! I'm not quite there yet... I'm not even entirely sure what I'm looking for in a house.
• 9.
  Do you know how much you can afford to spend on utilities?

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  • A.
    Yes! I've crunched all the numbers, and I know I can afford the costs.
  • B.
    I've got a vague idea, but I need to get a bit more specific.
  • C.
    Not so much. I mean what utilities are we talking about, anyhow...

Quiz Outcomes

• 1.
  You're not ready to buy a house... yet!

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  Slow your roll, friend! According to your responses, you may not be ready to buy a house... yet. Settling down is a huge step, and you might not have a clear idea of what you truly want from life, which can make purchasing a property risky.Unless you are a real estate developer, you probably don't want to pour time, energy, and a whole lot of money into a house only to sell it a year or two from now...On top of that, your finances might need a little tuning up. Before buying a house, you should have an emergency fund and at least 5% of your dream house's price tag. But no sweat if you are off the mark, friend. By scrimping and saving, you could be ready to purchase a property soon.How to get Home-Ready in 3 simple steps...1) Assess your finances...with an expertWhen it comes to purchasing a home, understanding your specific financial situation is an important step to improve your overall financial health.Through our partnership with national non-profit GreenPath Financial Wellness, One Detroit Credit Union members have access to Free Financial Counseling with an NFCC and HUD certified housing counselor.Take the first step and request a call from a GreenPath counselor today. It’s free, no-pressure, and 100% confidential.2) Manage your debtMost of us have debt. Get the support and tools to manage it. See the power of a plan that addresses your financial concerns and empowers you to live a financially healthy life.3) Monitor your creditRegularly monitoring your credit can alert you to errors, protect you from fraud, and provide you important information to strengthen your credit score.
• 2.
  You're almost ready to buy a house!

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  You are almost there, friend! According to your responses, you are just about ready to buy a house. Settling down is a huge step, but you have a pretty clear idea of what you want from life, which makes purchasing a property that much easier.On top of that, your finances are in good shape. You've been scrimping, saving, and putting money aside to afford your dream house. This means that when the time comes to apply for a loan, you've got a good shot!Your next move? Get really specific. Nail down the details, so you can find a place that meets all your needs – however far down the road they may be.How to get home-ready in 3 simple steps...1) Know your goalsBefore starting the search for your new house, take time to think about where you want to be a decade from now. Do you plan on switching career paths? Maybe having a kid or two? Without a clear picture, it isn't easy deciding what sort of property – a single-family home, a duplex, or a condo – is right for you.2) Assess your financesIt's time to get real about just how much money you have to spend on your new house. From credit card debt to student loans, take every dollar into account. Make sure to review your savings, track your spending, and check your credit score, so you don't get any unhappy surprises while speaking with a potential lender.3) Meet with a financial counselorTo get the best possible rates on mortgages, meet with an expert before you apply for financing. Ask them to assess your home-readiness and offer any tips you can use to get your finances in the best possible shape before shopping.Through our partnership with national non-profit GreenPath Financial Wellness, One Detroit Credit Union members have access to Free Financial Counseling with an NFCC and HUD certified housing counselor.Take the first step and request a call from a GreenPath counselor today. It’s free, no-pressure, and 100% confidential.
• 3.
  You're ready to buy a house!

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  Woot woot – you are ready, friend! According to your responses, your dream house is right around the corner. Settling down is a huge step, but you have a crystal clear idea of what you want from life, which makes purchasing a property that much easier.On top of that, your finances are flawless! You are debt-free and your credit score is sky-high, which means you won't have any trouble finding a loaner to front the money for your new digs. Now it's just a matter of where and when!How to find a suitable house in 3 simple, easy to try steps...1) Know your goalsBefore starting the search for your new house, take time to think about where you want to be a decade from now. Do you plan on switching career paths? Maybe having a kid or two? Without a clear picture, it isn't easy deciding what sort of property – a single-family home, a duplex, or a condo – is right for you.2) Assess your financesIt's time to get real about just how much money you have to spend on your new house. Before you start shopping, get pre-approved from a reputable lender like One Detroit Credit Union. If you know exactly how much you can spend, you can avoid disappointment and delays during your home-buying process.3) Hire a real estate agentOnce you know what you are looking for and how much you can afford to spend, your next step is to hire a real estate agent. An agent can help you find a house in your price range with all your must-have amenities. A quick tip: look for someone who knows the area you are interested in buying in inside and out!