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As the spring market heats up in Pinellas County, I have been receiving a lot of questions from buyers about whether or not it is a good time to buy a home, and what their first step should be in the home buying process.
To answer the first part of that question: it's an absolutely incredible time to purchase a home. Affordability is extremely high with historically low interest rates below 4% and loosened credit requirements. You shouldn't have too much trouble finding an affordable home, but the key is to do so now because these low rates will not last forever, and neither will all the great loan programs that are being offered. You no longer need to put 20% down to buy a home, and there are programs where you only need to put 3% down (you will have to purchase private mortgage insurance if you cannot put 20% down).
Your first step in the buying process is to get pre-approved by a lender. I'm not talking about going online and using some calculator to get approved, you need to go speak with a mortgage loan professional and have them examine your finances, pull your credit, and look at your income history and so forth. You absolutely have to know what you can afford to buy before you start looking for a home, otherwise you're just wasting your time when you search.
So, if you're looking to buy a home, now is a great time to do so. Once you're serious about buying, go speak with a lender to figure out what you can afford, and then start searching. If you need any assistance finding a good home or finding a good lender, then please don't hesitate to contact me.
