According to the聽, 48% of homebuyers in 2015 purchased a home because it was the right time and they were ready to buy a house. But how do you know when you鈥檙e ready to buy a home? Take our quiz to find out.

1. Have you researched the homebuying process?

A) Yes, I can tell you everything about buying a house, from getting pre-approved to having money saved up for hidden and after-tax costs

B) I鈥檝e done a little research but still have some questions

C) Not really

2. What is your current financial situation?

A) Great, I plan to buy a house with cash

B) I have a job and savings

C) I live from paycheck to paycheck

3. Do you have a regular income?

A) Yes, I work full-time

B) I work part-time, but I have savings

C) Not right now

4. What is your credit score?

A) 700 and above

B) Between 620 and 699

C) Lower than 620

5. Do you have any debt?

A) I have minimal debt

B) Yes, but my debt-to-income ratio is less than 43%

C) Most of my income goes towards paying off my debt

6. Describe your expenses.

A) I manage my expenses easily

B) I鈥檓 able to pay my expenses, as well as save every month

C) More than half of my monthly income goes towards paying off credit cards

7. How much money do you have saved for a down payment?

A) I have more than 20% saved for a down payment for a home within my price range

B) I do not have 20% saved, but I鈥檓 confident that I鈥檒l get pre-approved for a home loan

C) I don鈥檛 have any money saved for a down payment

8. How good are you at home maintenance?

A) I鈥檓 comfortable working around plumbing and electrical systems

B) Not great, but I do have money saved up for home maintenance expenses

C) I don鈥檛 do home maintenance

9. How long are you planning on living in the house?

A) At least 10 years

B) Not less than three

C) I鈥檓 thinking about moving in a year or so

10. Have you spoken to a real estate professional?

A) Yes, I鈥檓 pre-approved for a loan for a house in my price range

B) No, but I鈥檝e looked into the聽real estate agents and lenders in my area

C) Not yet

How did you score?

Mostly A鈥檚

You鈥檙e well-prepared and have everything in place to get the process started. Once you start聽searching for a home it鈥檒l just be a matter of time before you close the deal.聽

Mostly B鈥檚

It sounds like you鈥檙e going in the right direction and have a good idea of what the homebuying process entails. Here are some resources to help complete your preparations:

• How much home can I afford?
• Real estate terms that you need to know
• Things to have on your checklist when choosing a real estate agent

Mostly C鈥檚

It sounds like you鈥檙e very early in the process but working your way towards owning your dream home. You鈥檙e in the right place. Start by figuring out what you can afford and calculating what your聽monthly housing payment (principal, interest, taxes and insurance) will be. Use this amount to determine how much money you鈥檒l need to save up to get the best interest rate on your home loan, while aggressively paying down any debt and actively working to improve your credit score. Once your financial standing is strong, speak to a lender about getting pre-approved for a home loan and find a trusted agent to guide you through the rest of the process. Good luck!

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