Are you ready to buy? The buyer-readiness test
Readiness is not a pre-approval letter. It is a budget, reserves, and a payment your take-home pay can carry.
Start with your monthly budget
If you don't know what you spend each month, that is the first sign you are not ready to buy. Every other number depends on it.
Track three months of real spending — housing, food, transportation, debt, insurance, giving, and savings — before you shop for a home.
Know your cash, not just your credit
You need three pools of money: the down payment, closing costs (plan on about 3% of the price), and six months of your monthly budget held in reserve after closing.
Ask how the purchase changes your life
A lender asks whether you qualify. You should ask whether the new payment still leaves room to save, handle repairs, and live well. Run both numbers in Real Estate Compass before you make an offer.
Run your own numbers
See your payment, take-home DTI, cash to close and six-month reserves.