3 Things to consider if you want to buy a home
3 Things to consider if you want to buy a home
Fidelity Bank & Trust details questions to consider and why today’s market may still be a good time to buy.
As we enter a time of high inflation, many are wondering if now is really a good time to buy a home…especially?millennials on the path to homeownership.
“It’s not necessarily a matter of finding the perfect time to buy.?If you are, you’ll be waiting forever for all conditions to be favorable,” said?Jim Knabel?(NMLS # 640446), Vice President at Fidelity Bank & Trust in East Dubuque.?“Rather, it comes down to when you are financially ready for a?mortgage.”
Here at Fidelity, we celebrate?June as National Homeownership Month.?Knabel details 3 questions to consider if you want to buy a home and why today’s market may still be a good time to buy:
Consider asking yourself if you have stable employment and/or income??Is your income sufficient to pay current obligations in addition to a?new mortgage payment??Do you have funds available for a down payment?
If you answered yes to these questions and you think you’re financially ready, ultimately the sooner you buy, the better.?Even in times of inflation like we’re currently experiencing, real estate is a good investment as you consider appreciation and tax benefits*.?Find a lender?to discuss your options and help you determine if you are ready to buy.?
2. WHAT ARE CURRENT INTEREST RATES?
While interest rates may be on the rise, historically, they have been much higher.?Currently, you can still lock in a favorable?interest rate for a mortgage.?
Although none of us are fortune tellers, it is also important to consider what rates are forecasted to do when considering buying a home.?In today’s economy, it is expected that interest rates will continue to rise due to inflation.?Locking in a rate before they increase even more is a good idea if you are financially ready to buy.
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3. HOW MANY HOUSES ARE AVAILABLE FOR SALE IN YOUR MARKET?
Most markets are experiencing low inventory which creates a seller’s market and can drive up the price of homes; however, real estate is still generally a safe investment.?
Your best bet is to get pre-qualified before you start house shopping, so you are prepared to act quickly!?Apply now?or?find a lender?to get started on your pre-qualification, and build your team of experts including your local lender and a realtor.
Learn more about the?path to homeownership?and what documents you will need to obtain a mortgage from Fidelity Bank & Trust.?Visit our?Mortgage Center?to?check rates,?apply online,?find a lender?and more mortgage resources from?Your Hometown Bank!
* Consult a tax adviser for further information regarding tax benefits.
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