Is buying a house now in your best interests? The answer is, it depends on your situation.
If you can truthfully answer yes, to most of the following questions, it may be in your best interests to buy a house now.
- Do you have available money to pay a downpayment of at least 3.5% of the sales price of the house you are considering to buy?
- Do you also have available money to pay the pre-paid expenses and administrative fees(closing costs) required for the purchase of a house?
- Are the prospects good that your job is secure for the next few years?
- Are the prospects good that you will not be relocating to another city during the next 2-3 years?
- Can you find a house that you like, that will only require a mortgage payment of about 30% of your monthly income?
Every person or family has criteria that should be used to help guide the decision about buying a home. There is on one answer that will fit every situation person or family.
Work with a Realtor and Loan Officer to help you decide if buying a house is a good idea for you. Just because a tax refund maybe available, that is not a reason to buy a house.
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