Are you ready to buy a house? Take our quiz and find out.

On Apr 15, 2024

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on a typical 30-year loan. And they are unlikely to drop significantly this year. Even those who can swing an all-cash purchase, experts say, still have plenty of other expenses to consider, including maintenance and insurance.” class=”wpds-c-hcZlgz wpds-c-hcZlgz-bkfjoi-font-georgia wpds-c-hcZlgz-jDmrXh-width-mdCenter wpds-c-hcZlgz-ibdLmgo-css”>In the past three years, mortgage rates have more than doubled and are now at nearly 7 percent on a typical 30-year loan. And they are unlikely to drop significantly this year. Even those who can swing an all-cash purchase, experts say, still have plenty of other expenses to consider, including maintenance and insurance.

Question 1 of 9What type of home are you looking to buy?

Question 2 of 9What is your living situation?

I rent a home within my budget

I rent a home that’s stretching my budget

I live with family or in a place where I don’t have to pay rent

Question 3 of 9How would you characterize your financial situation?

I occasionally struggle to keep up with monthly bills

Solid — I have a healthy emergency fund and pay my bills on time all the time

I can’t keep up with my bills

Pretty good — I have a bit of money left for savings after paying my bills

Question 4 of 9How much do you expect to have for a down payment?

I don’t have savings for a down payment

My loan type doesn’t require a down payment

I plan to buy my home in cash

Question 5 of 9What is your credit score?

Question 6 of 9How much debt do you have? Include credit cards and student, auto or personal loans, etc.

I have a lot of debt — more than a third of my gross monthly income

I have a manageable amount of debt — less than a third of my gross monthly income

Question 7 of 9How much are you willing to pay for a mortgage rate?

I’m able to buy a home with cash

Not sure/I haven’t looked into it

Question 8 of 9How do you expect your mortgage payment to change your existing budget?

It would stretch my budget to the breaking point

It would be more of a stretch, but I could manage it

I haven’t thought about it

It would stay about the same as my current situation

I would buy in cash and wouldn’t need a mortgage

Question 9 of 9How long do you plan to own this home?

No idea — everything is up in the air

You need to answer every question to see your result. You’re missing questions 1, 2, 3, 4, 5, 6, 7, 8 and 9.

About this story

Editing by Karly Domb Sadof, Rivan Stinson, Betty Chavarria and Robbie Olivas DiMesio.

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This article was originally published by a www.washingtonpost.com . Read the Original article here. .