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At Primary Residential Mortgage in the Pacific Northwest, we’re about much more than just providing you with great mortgage options. We do provide these services, of course, but we’re also here to help educate you using our plethora of mortgage-related tools and resources.
This means answering all your biggest questions about a mortgage and homeownership, even those that you may think are silly. We promise you they aren’t – especially if you’ve never been through this process before, and even if not, it’s great to get the advice of seasoned professionals like ours before making a big financial commitment. One common question we’re asked: Is now the right time in my financial life to buy a home? Here are some questions to ask yourself to determine the answer, plus some steps to take if it’s a yes.
Questions to Ask Yourself
- Am I financially ready? This comes down to assessing the expenses that come with a mortgage, and determining whether you’re robust enough financially to cover them. Do you have funds saved up for a down payment and closing costs? Do you have additional savings in place for monthly payments (our mortgage calculator can help you estimate payments in advance, for reference)? Make sure you also look at maintenance and utility costs, for which you’ll be fully responsible.
- Should I rent or buy? Depending in part on your answer to the question above, you may determine the time is not right yet to buy and you should continue to rent. But if you have the funds and are ready for an investment into your own future rather than paying someone else rent, buying is the way to go.
- Am I satisfied with my current location? Where you want to live will play a big role in your costs based on market factors, so deciding on this early on will give you a good broad picture of whether the time is right.
- What are my family’s needs? If you’re expecting children or new pets soon, you may need more space. Maybe you just got a new car and require more parking space. These and many other factors may play a role in whether you make the leap to homeownership.
- Are market conditions positive? Interest rates and market conditions for mortgages are in a constant state of fluctuation, and even the top experts in the field can never fully predict how it will change. If you’ve determined you’re in a buyer’s market (these have been rare recently, but they do still happen), the time might be now to pounce. If not, it could be best to wait.
Next Steps to Take
If you’ve gone over the above questions and spoken to your loan advisor before determining that buying is the right move, here are some tips on your next steps:
- Do your research: Use the resources we linked above to inform yourself fully on the process you’re about to enter.
- Apply for pre-approval: Pre-approval puts you ahead of the competition and gives you a clear range of homes you can look into.
- Contact a loan advisor: If you haven’t already done this, contact one of our pros to help walk you through the process.
For more on deciding whether the time is right to buy, or to learn about any of our mortgage loan services, speak to the pros at Primary Residential Mortgage today.