>U Mom Knows Best: Is Now The Right Time To Buy A House

Tuesday, January 5, 2021

Is Now The Right Time To Buy A House

 Are you thinking of buying a house? Check out this important information.

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 With interest rates being at their lowest, many people are considering buying homes. You may have been dreaming for a while about owning your first home or you might be considering moving to a bigger home. You may not have even considered purchasing a home but with the mortgage interest rates at all-time, lows, you may have begun to question the purchase of a home. 

 Buying a home may be a great option and a good long-term investment, but only if you’re ready for the financial commitment and responsibility of homeownership. Buying a house is the largest financial investment you will probably make, so you want to make sure you’ve done your homework and are prepared to take that next step. So before you call a realtor or start looking online at homes for sale, start with the first step of buying a home and look at a mortgage calculator

 I have been a homeowner for 29 years and have owned three homes. So I have learned the ins and outs of buying a home. Last year my daughter and her husband purchased their first home and I was glad to offer them my home buying experience to them. I wanted my daughter and her husband to have the information that they needed to make the decision if it was the right time to buy a house. One website that my daughter found useful was Fannie Mae as it was loaded with information that answered their questions like is it best to rent or buy. The Fannie Mae website also walked them through the process of buying a home. So my kids felt prepared before they started looking at homes with the realtor.

Useful tools

 One mistake that so many people make when buying a new home is not knowing what they can afford. So they fall in love with homes that are out of their price range. Or they use a monthly payment calculator and fail to realize that the basic tool does not include PMI, property taxes, and homeowner insurance. Those three items can add several hundred dollars to your monthly house payment. So that is why I like websites that have an advance monthly payment calculator and other basic calculators.

One website that I found to be very useful for first time home buyers is Mortgage calculators. This website has many types of calculators to help people make informed decisions about buying a home. That way they can buy a home that they can afford and not have any surprises after they move in. I wished that these tools were available to me when I bought my first home in 1991. I did not even have internet access when I bought my last home in 1997. So I had to rely on the realtor and mortgage broker to guide me. 

 Basic Calculators

Today's home buyers have a wealth of information about how to buy a home on the internet. I really like the basic calculators that I discovered on Mortgage Calculators as they were simple to use. I just had to know my numbers like monthly income and how much I wanted my monthly house payment to be. Many people fail to look at all their monthly bills before they buy a home and don't realize that things like car payments, phone bills, and utilities have to be in the equation when deciding the maximum house mortgage that they can afford. This is vital information so the realtor will only show you houses that you can afford. Check out some of the useful calculators that are on this website.

+ Monthly Payment Calculator - This gives you an estimate of what your monthly house payment will be.

+ Minimum Income Requirement -  Use this to calculate the minimum income required to afford a house that you like.

+ Home Loan Limit - This shows you how much home you can afford.

+ DTI - See your current front end & back end debt to income ratios.

Advanced Calculators

 I think that everyone needs to explore the basic mortgage homeowner calculators before they start looking at homes that are for sale. If you want to really do your homework before you look at houses for sale, then Mortgage Calculators has an abundance of advanced calculators that will help you be a smart home shopper. I really like the tools that are offered on the website for even current homeowners to utilize. So current homeowners can get information on things like refinancing their homes to take advantage of low-interest rates or for selling their homes.

When I was trying out some of the advanced calculators for mortgages, I loved that there were tools to help me pay off my mortgage quicker. The website even showed current mortgage interest rates for my city and I was amazed at how low they were. This mortgage website made me feel like I had the insider information that realtors and mortgage lenders have. Check out some of the advanced calculators and money information that is available to today's home buyers. 

+ Tax Savings Benefits Estimator - Learn how much you can save on taxes by deducting home loan-related expenses like interest & points.

+ Refinance Calculator - Thinking of refinancing your home? Compare new loan offers to your old loan to see how much you could possibly save by refinancing.

+ Fixed vs ARM - Quickly estimate payments for fixed, adjustable & IO only loans side-by-side.

+ Current Mortgage Rates - See the current interest rates from many lenders in your area.

+ Points, Closing Costs & Real Rates - This is very useful information to know before you select a mortgage.

Is this the right time for you to buy a house?

 So if you have been considering buying a home, then I urge you to check out Mortgage Calculators. That way you can play around with the mortgage calculators and get the information that you need to answer all the questions that you have about buying a home. You may discover that you can afford to buy a home or you may discover that you have to put the home buying process on hold. Owning a home is an awesome thing but it is also a huge investment that requires one to do their homework. So go do your homework and find out if now is the right time to buy a home.


13 comments:

  1. That mortgage calculator is really handy. Helps you to get an idea of what to expect and if a purchase or refi is in your best financial interest.

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  2. This calculator is helpful! I remember not knowing what I was doing when I was buying a home. There's a lot to it!

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  3. This is great information for those looking to buy. Houses seem to be flying right now too. A family member is in the process of buying now too.

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  4. Great post and could be very helpful for those who are on the lookout for a home.
    Playing and testing out different calculators really is a huge education, at least for me.
    So much is learned while changing different numbers in those calculators. Truly beneficial.

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  5. I have heard that it is a good time to buy a house. The suburban areas seem to be in high demand, with properties selling so quickly. It is good to keep an eye on the market.

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  6. I never knew about all these calculators. These would've been so helpful during our home buying journey.

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  7. This is really helpful!! Sharing this with a friend planning to buy a house!

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  8. So informative! I know someone who would love this post. That calculator will help a lot.

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  9. Yes, owning a house is a beautiful thing. But there are so many factors to consider! That's why I am looking for more info!

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  10. It's a timely post for me because I was not sure to see or not for another home during these times. That calculator is a big help. Thank you.

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  11. Such a time perfect post. I have ben thinking about it a lot this year and i think i may jump on it since I am not travelling!
    Anas

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  12. this pandemic may be the right time to have and invest in a property since almost everything is at its lowest value.

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