How to Decide if It’s the Right Time to Buy a Home
Mortgage Broker
Gwynne Price Mortgage Broker
Published on January 3, 2022
real estate transaction

How to Decide if It’s the Right Time to Buy a Home

If you reside in Alabama or Florida, the United Mortgage Group knows how hard it can be to finally decide when to purchase a new property. From mortgage loans to refinance rates, it can all be a lot to take in. Today, we’re sharing four strong indicators that confirm you’re ready to close the deal on your brand new home!

money for down payment

Your Down Payment

When it comes to down payments, almost everyone has an opinion on what you should be looking for. With the ability to obtain FHA mortgage loans, buyers can get into the real estate market with as little as 3.5% down. Sounds great, right? But is it too good to be true?

You should always be playing the long game when it comes to real estate. With a down payment of 20% of the purchasing price, you won’t have to pay mortgage loan insurance, and your monthly payments will be quite a bit lower. You’ll also find it easier to obtain better refinance rates in the future.

credit report

Your Credit Score

The best time to buy a new home is when your credit score is strong and lower rates are available. Many buyers may have the money saved up to make an offer on a new property, but their credit level may not be strong enough to shoulder any unplanned burdens down the line. The hard truth is that if your credit score is in a poor state, you should hold back on making any real estate purchases until you’re able to restore it to a more robust level. Paying down credit card debt or college loans is a great way to impact your credit score positively.

house for sale

The Market

You will hear a lot of crosstalk about the real estate market and be advised of many different viewpoints on when the right time to buy is, but always keep in mind, the right time to buy is when you find a house that feels like home! Purchasing a property in a “buyers” market is not always possible, and you may miss out on the home of your dreams. Do your research, but don’t overanalyze and lose yourself in the numbers! United Mortgage Group has all the information you’ll need to feel great about your decision to buy!

tax return

Your Income

One of the most significant indicators that you’re ready to own your home is the state of your financial health. Your annual income plays a primary role in the decision to purchase real estate and how you handle your affairs in the future. If you’re currently making a handsome salary that also comes with solid job security, you should be more than ready to take the next step and explore a new real estate venture. On the other hand, if you’re living paycheck to paycheck, you might want to take a step back and further analyze your earning potential and how to maximize it before dealing with a home mortgage.

If you’ve read through our list and managed to check all of our boxes, guess what? It looks like you’re ready to take the next step toward buying that new home you’ve always wanted. At United Mortgage Group, we always offer the best refinance rates and mortgage loans for homeowners in the great states of Alabama and Florida. Call us today, and let’s get the process started!

Mortgage Broker
Gwynne Price Mortgage Broker
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