Should I Wait for the Economy To Improve To Buy a Home?
Is there a right time to buy a home? Trent and Derek are here to give their educated opinions, personal experiences, and their rules of thumb to help you decide if now is the right time. While discussing the conventional rules of buying a home, Trent and Derek piece together all the parts of buying a home you may not understand: downpayment, PMI (private mortgage insurance), escrow, and how it all relates to your gross income. From getting rid of your variable debt, understanding your credit score, the renting to buying ratio, and why you should use a buyers agent, you’ll have all your potential questions answered.
Key Points From This Episode:
- A look at studies relating to happiness.
- Should I buy a home? There is no set yes or no answer.
- What you need to ensure you are financially covered.
- The importance of having a cash reserve.
- What percentages to expect: downpayment, inflation, and insurance.
- How to manage your PMI.
- Derek explains some of his favorite ways to crunch numbers.
- Why you should be on the fence when buying a home.
- How to understand your credit score.
- How to handle advice from mortgage brokers and realtors.
- Why you need a buyer's agent.
- Renting versus buying.
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