Is It Finally The Right Time To Buy?
June 14, 2012
If you've been listening to the news about the housing market nationally you've probably already noticed that housing is on the upswing all across the nation. Interest rates continue to hold near historic lows. But the truth is as the market improves interest rates will begin to climb. Now is the time to make your move...and, well, make your move! Are you still asking yourself is it the right time to buy? Well these are the questions you should be asking yourself to help you hop of the fence and buy your new home. Do you have strong enough credit? Your credit is going to determine how great your interest rate is, or if you can get a loan at all. It's time to take stock of your credit. Sit down with a loan officer. Have them take a look at your debt to income ratio and pick apart your finances to see what you can and can't afford. What are you currently paying for housing? Take a look at how your rent compares to the monthly payments you'd incur on a home of your own. Remember you get a tax break for being a home owner because you can deduct the interest you are paying toward your home loan on your taxes. How stable are you? If you've been in your job for at least 2-3 years and things look good and you aren't worried about the stability of your company than that speaks volumes about your ability, and readiness to purchase a home. Are you a do-it-yourself-er? Remember there is a lot of care and maintenance that goes into owning your own home versus renting. If you like to get your hands dirty, do a little gardening and home improvement you will save a lot on paying others to do the work. How much do you have put away for a down payment? Gone are the days when you could get 100% financing to purchase a home. In rare cases, like those in military service, this option may still be available. But depending on the type of loan and the purchase price of the home, you are going to need money to bring to the table both for the deposit and in most cases the closing costs. If you've asked yourself this series of questions and you come out feeling positive and excited. If you know you have strong credit, a secure job, you feel confident on taking care of business around the house and you have some money in the bank, then it's an excellent time for you to head out and start your home search.