Several factors influence whether it may be a good time for you to buy a home. Make sure you consider the complete picture before you decide.
1. Your personal situation
Managing a mortgage, insurance, property taxes, utilities, and ongoing home maintenance requires commitment, so make sure you’re ready to take on these financial responsibilities before you buy. Purchasing a home is also a long-term decision, as changing locations on short notice becomes much more complicated as a homeowner. So, before you commit, be sure to determine whether you’ll be comfortable in the home and neighborhood you choose.
2. Interest rates
The interest you pay on your home loan will depend on the current market, your lender, the type of loan you get, your credit score, and many other factors. Ideally, you want to take advantage of lower interest rates to reduce your monthly payment and the amount you will pay over the lifetime of your loan. Lenders generally will offer lower interest rates to borrowers with a stronger credit score.