Are you thinking about buying a home, but not sure if it's the right time? There are a few things to consider before taking the plunge.
First, think about your job stability. It's important to make sure that you'll be able to make your mortgage payments for the next several years. If you're not confident about your job security, it may be better to hold off on buying a home until things are more certain.
Another important factor to consider is your credit score. Your credit score can impact your ability to get approved for a mortgage, as well as the interest rate you'll receive. Before applying for a mortgage, make sure your credit is in good shape.
Lastly, think about your down payment. Most lenders require a down payment of at least 3-5% of the purchase price of the home. Do you have enough money saved up for a down payment? If not, you may need to save up a bit more before you're ready to buy.
It's also important to keep in mind that housing inventory is still at historic lows, and multiple offers are returning on many properties. However, it's not as bad as last year, and homes are on average selling for less above list price. The national median price for existing homes sold in February was $363,000, which is down 0.2% year over year. So, if you're ready to buy a home and have considered all the factors, now might be a good time to start looking for your dream home! And remember, as a mortgage expert, I'm here to help you find a loan that works for you.
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