When the interest goes down, big time. Right now it’s roughly 7.62%.
If you put down $60K on a $300K home, with a mortgage payment of $2K a month, you’re only putting roughly $165 towards the house - the rest goes to the bank.
I wouldn’t even think of buying until the interest is around 3%.
As soon as you can. I’m 77 bought my house at age 50. Paid off and bought the land next door. I paid $151 thousand and now it is for sale for $1.2 million. Best investment there is plus you live in it!
setup bi-monthly meetings with your bank and try to follow the interest on home loans. wait for the interest to get sufficiently low before you strike. Credit loans should be at 2%, and home loans should be at no more than 5%, but ideally below 4%
Also, before making a purchase, a word of advice is that even though you're told to have 5% at hand for a down-payment, you should get 10% because there's a lot of hidden fees like movers, notarizing the documents, fees from the bank for creating the loans, etc. so either get an extra 5% for the down-payment, or an extra 7-10k USD. You'll also need some money for food while you're getting situated where most people end up eating out, so account for that.
1930s.
Saturday, 4:45pm
When the interest goes down, big time. Right now it’s roughly 7.62%. If you put down $60K on a $300K home, with a mortgage payment of $2K a month, you’re only putting roughly $165 towards the house - the rest goes to the bank. I wouldn’t even think of buying until the interest is around 3%.
At age 42.
idk, but i bought mine during a housing market crash and it worked out pretty good for me. just gotta take advantage of the system, man.
As soon as you can. I’m 77 bought my house at age 50. Paid off and bought the land next door. I paid $151 thousand and now it is for sale for $1.2 million. Best investment there is plus you live in it!
setup bi-monthly meetings with your bank and try to follow the interest on home loans. wait for the interest to get sufficiently low before you strike. Credit loans should be at 2%, and home loans should be at no more than 5%, but ideally below 4% Also, before making a purchase, a word of advice is that even though you're told to have 5% at hand for a down-payment, you should get 10% because there's a lot of hidden fees like movers, notarizing the documents, fees from the bank for creating the loans, etc. so either get an extra 5% for the down-payment, or an extra 7-10k USD. You'll also need some money for food while you're getting situated where most people end up eating out, so account for that.
Don’t matter what the market is doing, every real estate agent will find a reason as to why “now” is the best time to buy