As top mortgage brokers in Utah, we at Altius Mortgage and our partners at Mortgage Ogden are here to do more than just give you some money and usher you out the door. Rather, we provide a comprehensive experience that walks you through every step of getting a mortgage loan.
This means that beyond our actual loan services, we’re also here to provide expertise on important areas of the mortgage world. One of the biggest and simplest areas here: Is the time right for you to buy a house? Let’s look at several factors that might influence your answer here.
Long Term Goals
What are the goals you’ve set long-term, both for yourself and your family (if you have one)? Are you looking to have your housing situation also function as an investment, and are you able to do so? Do you want more control and customization over the place you live in? If so, getting a mortgage could be right for you. On the flip side, if you move around a ton and don’t have some of the time and funds it takes to properly own a home, you might consider waiting.
Needs and Desires
Going a little deeper, you need to look at the actual practical needs and desires you have for a home. Those with outdoor pets will need decent yard space, for instance, while those with young children might need more room for once those kids grow up. Once you’ve determined the things you truly need, consider the desires you have in other areas as well.
Also vital during the early stages of deciding whether or not to get a mortgage? Assessing whether you’re financially ready. You don’t need 20 percent down no matter what to own a home, but it’s great to have at least some chunk of money to put down up front. You can use basic mortgage calculators, like ours at Altus Mortgage, to assess your financial situation and how it fits with a given mortgage.
A related area here is the mortgage market, particularly current mortgage rates. Rates fluctuate up and down at various times during the year, and if they’re in a favorable place at a given time, that might be the right period in which to pounce. On the other side of that coin, unfavorable conditions might dictate you should wait a little and then revisit.
Down similar lines, there may be certain seasons where things are busier or lighter. Spring and summer are generally considered the busier time for home buying and selling, with fall and winter generally seeing lighter loads. But that doesn’t mean you can’t get a house at any time of the year – more inventory means more competition and also more homes, where the slower season may have fewer homes available but will also come with fewer buyers on the market.