With home prices surging lately many wonder, is it still a good time to buy a house?
Here is why it may be a good time to get in the homeownership game!
Should You Buy Right Now?
With homes appreciating at a rapid pace and rising interest rates, it’s a tough time for many people looking to break into home ownership. While the housing market is starting to cool off in recent months slightly, it isn’t slowing what has happened in recent years. While these factors certainly don’t make buying a home an easy task, it still proves to be a good option for many people. While this option works for a lot of individuals, it’s important to look at your unique financial situation and truly evaluate if this is a viable option for you.
Why Is It Still A Good Time To Buy A House?
While mortgage rates have ticked up, you still may be able to get a competitive interest rate if you are well-qualified. Getting pre-qualified for a mortgage often puts you in a better situation for getting your offer accepted on the home you desire.
It’s also important to note that getting into home ownership can help you build equity in an appreciating asset. If interest rates go back down, you may have the opportunity to then refinance to a lower rate and save money over the life of your loan.
If you ever get put in a situation where you need cash to pay off debt, you can cash-out refinance your home and get that equity, which is something you wouldn’t be able to do if renting.
Are You Ready?
Reviewing your personal financial situation is the most important part of buying a home. If the payment required just doesn’t work in your personal budget, then it may not be the correct time. Whether that means you need to make more money and or find a less expensive home, it is critical to identify how a home fits into your budget.
About AdvantageFirst Lending
AdvantageFirst Lending is the preferred lender when it comes to home purchasing options and saving you money on your monthly mortgage payment. Customer support is key in any home financing transaction, and our loan officers here at AFL provide the best in the business. For more information visit our website and follow us on Facebook and Instagram. Also, be sure to check out our reviews on Zillow.