"The market is ever-changing, and there's a lot you can't control. So focus on what you can control, which is your financial readiness, because the best time to buy is when you're financially prepared to. Rates aren't the only thing impacting housing affordability, and educating yourself on the homebuying process is an important start. If you are concerned about daily rate fluctuations, you might be able to lock in today's rate while you shop around."
"Your financial health is sound: This might look like having a regular, dependable source of income, having a good credit score - lenders typically look for a score of 620 and above - and having a low debt-to-income ratio. This allows lenders to better gauge how much you may be able to afford. You understand the true cost of homeownership: This might look like understanding not only your borrowing capacity but also the monthly payment."
Homeownership requires financial readiness including steady income, sufficient credit, and manageable debt-to-income ratios. Mortgage rates fluctuate daily but buyers can sometimes lock a rate while shopping, such as a 90-day lock with a one-time option to lower the rate if rates improve. Lenders typically look for credit scores of 620 and above to assess borrowing capacity. Buyers must account for monthly mortgage payments and additional expenses like closing costs, property taxes, homeowners insurance, possible homeowners association fees, and ongoing maintenance. Focusing on controllable factors, budgeting, and education about the homebuying process improves preparedness to purchase a home.
Read at The Oaklandside
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