People everywhere are looking to make predictions about what is next for the US housing market. Many people want to know whether or not now is a good time to buy a house, other people may want to plan for the future. Unfortunately, most of those predictions aren’t positive and don’t seem promising for the average American. The use of a mortgage calculator is a helpful way of deciding whether to purchase a home or not.
As the government joins in with the hordes of Americans in over their heads when it comes to debt, things are shaky at best and people just aren’t confident about what is around the corner. Some believe that things will get worse while others fear that it is already as bad as it can possibly get.
Is this a good time to buy?
If you aren’t already a homeowner, this may be the perfect time for you to jump in with both feet. Home prices are down and eventually they will rise again.
If you just want to own a home and plan to be in it for a long time, you may be one of the few people wanting to find an online mortgage calculator to figure out just what you can afford.
Get your funds and paperwork together
If you are serious about purchasing a home right now you can begin to put together the paperwork you need. If you haven’t done so already, start saving up for a down payment.
When that perfect deal finds you, be ready. The more work that you do upfront, the easier the process will be.
Look into different loans and programs
If you are a first time homebuyer, there are programs that can help you get into a home. You may be able to put down less of a down payment. You will also want to look into different terms, such as a standard variable rate mortgage, fixed rate, etc.
You may be able to buy a fixer upper and include some money for the repairs in the mortgage (you will get cash back from the purchase to use on the home). Depending on where you live and your current financial situation, there are opportunities that you just need to discover.
Decide on whether or not to use a realtor
You might be able to save money if you don’t use a real estate agent, but it takes a lot of work on your end. If you want someone else to do some of the legwork for you, contact a local realtor. They can find homes in your price range in the area that you are most interested in. Just give them a few stipulations and a list can be created just for you. If you don’t have a lot of time to look around and make phone calls, this can be an easy alternative.
Alternatives to buying
If you aren’t ready to make a purchase you can always rent until you are ready. While you are renting you can continue to save and work on your credit to make sure that you are really ready for the commitment of a mortgage. Because of the condition of the housing market in the US, you have time to get yourself together and then make a purchase. While renting, continue to check in with a mortgage calculator. You can plug in new rates or your additional down payment to see how the numbers have changed.
Typically, the longer a home has been on the market the better chance you have of getting it at a discounted price.