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Is It Time To Buy A House?
At some point as you're writing out your rent check, you get to the point where you look at the amount and think to yourself - at this rate, I could BUY a house. If you're fed up with paying rent every month that's high enough to finance a mortgage, it may be time to take a serious look at what it would take for you to get a mortgage loan and buy a home of your own. How do you know if it's time to stop renting and time to start investing your monthly payment in a house of your own?
1. Are you planning to stay put in the area?
The first question to ask yourself is how long you are planning to stay in your new home. If the answer is 'less than two years', then it may be to your advantage to continue renting for a while longer - and use the time to build up your credit more strongly.
If, on the other hand, you're planning to stay in one residence for more than a few years, buying makes more sense. Owning a home puts down roots, and makes you a more stable member of the community. It also makes more financial sense to buy if you're going to hold onto the property for more than two years. Unless you 'flip' properties - buy cheap, make repairs and sell high - it's nearly impossible to recover your investment if you own a house for less than two years.
2. How's your credit?
If you've never checked your credit score or read your credit report, this is the time to do it. The higher your credit score, the easier it will be for you to qualify for a mortgage, and the better the terms of the mortgage for which you'll qualify.
If you find problems in your credit score, you can take steps to fix them before you apply for a mortgage. This includes erroneous information on your credit report or extenuating circumstances that may have led to a missed payment or two. In many cases, minor credit problems can be repaired with no more than a few months of on-time payments.
3. How much house can you afford?
Figuring out how much of a mortgage you can take on can seem almost like some sort of voodoo. You know how much you can afford to pay per month for a mortgage payment - but how does that translate into how much you can afford to pay for a house? The easiest way to work it out is to use an online mortgage calculator. Many web sites that offer credit and loan information have mortgage calculators available that will work in either direction - plug in the asking price of a house and your expected interest rate and the amount of your down payment, and the calculator will tell you an estimated monthly payment. Or plug in your income and expenses, the amount of the monthly payment you can make and the length of time you want to repay it - and the calculator will tell you the most expensive house you can comfortably buy.
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk.
MORE RESOURCES updated Fri. June / 02 / 2023
FHA's Mortgage Reduction Plan May Lower Monthly Borrower Cost Without Pricey Refinance - Investopedia
Older Homeowners Are Struggling to Refinance -- Despite Having Great Credit and Equity - The Motley Fool
Older Homeowners Are Struggling to Refinance -- Despite Having Great Credit and Equity The Motley Fool
Today's Mortgage, Refinance Rates: June 1, 2023 | Rates Finally Drop Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street ... Liberty Street Economics -
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year - Business Insider
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year Business Insider
How to Refinance a Second Home in 2023 Investopedia
What is mortgage refinancing and how does it work? Yahoo Finance
I’m a Mortgage Loan Officer: Here Are the 7 Questions You Should Always Ask Before You Sign for a Mortgage - Yahoo Finance
I’m a Mortgage Loan Officer: Here Are the 7 Questions You Should Always Ask Before You Sign for a Mortgage Yahoo Finance
UK mortgage borrowers face painful refinancing, warns think-tank Financial Times
Milliman analysis: Mortgage originations decrease 73% year-over-year in Q1 2023; mortgage default risk declines slightly - Yahoo Finance
Milliman analysis: Mortgage originations decrease 73% year-over-year in Q1 2023; mortgage default risk declines slightly Yahoo Finance
The Debt Ceiling's Impact on Interest Rates The Mortgage Reports
Justice Department Reaches Agreement with ESSA Bank & Trust to ... Department of Justice
2 Times to Consider an Adjustable-Rate Mortgage The Motley Fool
Today's best mortgage deal? 15-year terms hit lowest rate since mid-April | May 5, 2023 - Fox Business
Today's best mortgage deal? 15-year terms hit lowest rate since mid-April | May 5, 2023 Fox Business
Is a Green Mortgage Right for You? The Motley Fool
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Today's Mortgage, Refinance Rates: May 29, 2023 | Rates Still High Business Insider
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Why Older People Can’t Get New Mortgages The New York Times
VA refinance rates - current VA loan refinance rates today Business Insider
Small Business Loan Refinance Bankrate.com
Current 15-year refinance rates today Business Insider