Homebuyers have tried to time the market since the first home was sold. While it may not be like buying or selling stocks, finding the right time to buying a home to maximize your finances does come with a bit of warning. So, instead of finding the “right” time in the market, just worry about finding the “right” time for YOU.
Should you rent or buy? If you are renting and looking to buy a home, you likely have heard friends and family push you to buy because as they say, “Renting is wasteful. You’re throwing your money away!” But on the other side of the coin, you’ve heard people warn you that the market is going to dip and you’ll be stuck buying high.
Look – there’s no right or wrong when it comes to renting or buying.
Renting can be a great choice if you want flexibility and avoid the cost of maintaining a home.
Buying can be great if you see yourself living somewhere for a while and you want to stabilize your housing expense.
Don’t let someone bully you or guilt you into something that’s not quite right for you.
And if you are thinking of buying. Give me a follow. I’ll show you how to understand it all and save money along the way.
Homebuyers need to do this The housing market is a rollercoaster ride – even for seasoned professionals who are in the industry. But there are things you can do to make it better. 👉 Start working with a lender and realtor early in your homebuying timeline. 👉 Get preapproved with a reputable lender. 👉 Buy off mortgage payment not home price. 👉 Get aggressive on your offer if needed, but don’t get swept up in the market mania 👉 Be patient. I’ve worked with thousands of buyers and know the right home will come at the right time.
Are you really preapproved? So, you are preapproved and ready to buy a house. That’s exciting. But how do you know you are preapproved? You probably filled out an online form, put in your annual income, guessed at the price of the home you want to buy and provided some estimates of your assets. You may even be prequalified, not preapproved.
Well, not so fast on putting in that offer just yet. Did anyone ask for bank statements, W-2s or other documents to review? No? Well, all you really did was tell that mortgage company you were interested in maybe buying a home.
Any loan preapproval will be based on what can be documented and there are all sorts of guidelines on how income is calculated and even what funds can be used for closing.
Not sure what it takes to get approved for a mortgage. Work with a lender that will review all your stuff upfront to make sure you’re good to go before you start shopping.