4 Signs it is Time to Buy

4 Signs it is Time to Buy

Sep 01, 2016 | First Time Homebuyer

The Right Time to Buy a Home

Many first-time homebuyers remain unsure as to when it’s the best time to buy a home. With so many different factors to consider, many remain intimidated from taking the next steps toward homeownership.

You Can Settle for at Least 5 Years

You are going to want to make sure you are prepared to stay settled for at least five years if you are looking into buying a home. Any less than that and most homeowners run the risk of not or barely breaking even on their investment. If you are relatively sure you will be in one location for the foreseeable future, then buying a home is a smart investment, especially compared to renting.

Your Employment is Secure

A stable and steady employment situation is an excellent sign that it is time to buy a home. It shows lenders that you will be able to make your mortgage payments on time. If your job is not stable, it may be difficult to secure financing, so renting may be a better option for the time being. Talking with a lender about your specific situation will help you get a better idea of what is realistic.

You are Saving

If you are able to save money each month, then it is definitely time to buy! Prospective homeowners should have a nest egg saved up not only for the down payment, but for emergencies and repairs as well.

You have Spoken with a Mortgage Professional

Have you spoken with a mortgage lender yet? When you speak with a mortgage professional, you can get an idea of what you can afford and learn about the loan programs designed to help first-time homebuyers with low down payment options, like FHA and HomeReady. Contact Home Point Financial today to get started on your journey towards home ownership!