Buy Now or Wait?
The biggest question in everyone’s mind who is thinking about buying a home is “should I buy now or should I wait?”
The average down payment used to be 20%, but statistics show that the new average down payment is only 11%. You may be able to qualify for an FHA loan that only needs 3% down. To help you decide, MGIC has created a simple calculator to help you understand if you should wait a little longer, or buy now. What’s even more handy, the calculator will give you an idea how long you should continue to save up before looking to buy.
The calculator factors in information such as the current rent you are paying, how much you’re saving and your creditworthiness. You can also submit other information such as desired home price, current amount of savings toward a downpayment, and an estimated interest rate.View Calculator
“MGC Connects says the calculator isn’t designed to encourage prospective borrowers to buy a home before they’re ready. It is in everyone’s best interest for borrowers to succeed, so borrowers need to be comfortable not only with the mortgage payment but also the other responsibilities that come with homeownership.” stated in a recent FloridaRealtors article.