If you’re thinking of buying a home right now, chances are you have a lot of questions. You’re probably also getting a lot of advice – some good and some bad. And although they may mean well, you are the only one who knows why and what you want to buy. Be sure to ask these questions to determine if you’re truly ready.
- Why do I want to buy a home? – Forget the money and other outside influences and really think about why you want to buy. What does owning a home mean to you? What benefits will you gain by owning a home? These are the biggest factors to consider when you’re looking to purchase.
- Where are home values headed? – Why should this matter to you? With prices increasing, it might cost you even more if you wait to buy, and your down payment will need to be higher.
- Where are mortgage rates headed? – The long-term cost of owning a home is more than just the purchase price. It also includes the interest paid on the loan. Even just a small change in rates can drastically affect what you are able to afford.