Interest rates are relatively low right now, so chances are that you can actually buy more house now, when your mortgage payments will be lower, than if you waited until rates go up.
First time homebuyers can often buy with as little as 3% down. There will also be associated closing costs, such as inspections, etc. that will differ depending on the house.
Pre-approval can happen in less than a week. Finding the right home for you will take longer. A lot depends on how devoted you are. Bowen Real Estate will provide you with your booklet of available property as soon as you are pre-approved. From there, you will need to take time to drive around checking out houses and areas. After that, setting up appointments will take a couple of weeks. The time between and offer, and a Purchase and Sales Agreement should take a few weeks, then about 6-8 weeks to closing. If you are determined, the whole process can take as little as 2 ½ months. I’ve seen it take over 6 months, also.
Owning your own place is the American Dream. But there are also a lot of financial benefits to owning, such as the equity you begin to accumulate in the house. Also, there are specific generous tax benefits to owning over renting.
There is really only one way to find out. Not trying is the only sure way to not getting a loan. When our mortgage broker calls, be honest with him/her. That’s the best way to go into this.