Buying a Home? Here’s How to Determine If It’s the Right Time to Buy

Buying a Home? Here’s How to Determine If It’s the Right Time to Buy

Buying a Home? Here’s How to Determine If It’s the Right Time to Buy

If you’re thinking about buying a house, there are several things to consider. A first-time homebuyer needs to review the market and their personal financial situation to decide if the time’s right.

Here are some of our best tips to help you determine if it’s a good time to buy a house.

Market Factors

Do a little research on the external factors that may impact your ability to buy a home.

  • How competitive is the market? Is it a buyer’s or seller’s market? During a buyer’s market, you may be able to negotiate a lower price and more concessions from the seller.
  • How high are interest rates? Look at what interest rates are and how they’re trending. If they’re rising, and you don’t buy now, you could end up spending more on your mortgage later.
  • What are home prices doing? Just like interest rates, home prices fluctuate. If prices are rising and you aren’t in a hurry to buy, you might decide to wait it out.

Personal Factors

Even more crucial than external factors, your budget, income and financial expertise have a big influence on determining if it’s a good time to try your hand at homeownership.

  • How much do you have saved for a down payment? If you have a hefty down payment socked away, this opens up more loan programs to you and may be a sign you’re ready to purchase a home.
  • How secure is your job? A shaky job that doesn’t offer full-time hours or stable pay may thwart your homeownership hopes. In addition, if you may be transferred in a year or so, it may not make sense to buy right now.
  • What’s your credit score? Creditworthiness is a big deal during the mortgage process. If you’ve managed your credit wisely, it may be a prime time to invest in a property.
  • How much debt are you carrying? If you’ve kept your credit card balances low and haven’t incurred many debt obligations, buying a home may be well within your budget. That’s not to say you need to be debt-free to buy a house, but you do need to be able to qualify for the loan when your income is compared to your payment obligations.
  • What are you paying in rent? Your monthly rent is a factor, too. If you’re paying sky-high rent, putting that money toward a mortgage makes more sense. However, if your rent is reasonable, you have roommates, or live with your parents, you might decide to wait before you purchase a home.

Buying a home is a big decision that offers big rewards. If you’re trying to decide if the time is right for you, talk to a professional loan officer. They can examine your financial picture, explain the market trends and lay out your options.

MIG has been getting first-time homebuyers in houses for decades. If you’re a first-time homebuyer, contact us today.


Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020