Is now the time to buy?
When determining whether or not to buy a home, you’ll want to consider many factors: price, interest rates, location and your personal financial situation. In terms of price and location, now is definitely a good time to buy a home. Home prices are extremely affordable right now, and in Michigan, the trend is crossing over into all zip codes. So buyers may be able to afford a home in an area they once thought to be out-of-reach. In addition, interest rates continue to stay at record lows, and are unlikely to go lower. Waiting for them to drop further is risky.
Finally, you must ask yourself if YOU are ready to buy. You should have a stable job situation; plan on staying in a home for at least three to five years; and have enough money saved for a down payment, closing costs and any unexpected improvements. If those things aren’t in place, you may be better off waiting a bit longer.
Our professional Loan Originators can help you determine if now IS the right time for you, by helping you calculate just how much home you can afford and how much your closing costs will be, and get you started with a pre-qualification. Contact them at 888-562-6865.
- Will my fixed rate mortgage payment fluctuate throughout the life of the loan?
- How will my taxes be paid?
- What is private mortgage insurance (PMI) and how does it benefit me?
- What is an escrow account? Why do I need one?
- How long will it take to close my loan?