When Does it Make Sense to Buy a House?

The most pressing question for anyone who is currently leasing an apartment or a home is whether or not it makes sense to continue to rent or if the opportunity to buy is too good to pass up. The fact of the matter is that there is no one answer to that question – it really depends on your individual situation.

Regardless of what the Austin housing market is doing at the moment or where interest rates are, it always makes sense for some people to buy but not necessarily for others. Experience shows that a number of factors go into the decision making process such as: timing, lifestyle, job status, and how long you plan to live in the house.

Find out if it might be right for you to stop paying your landlord’s mortgage and start on the path to financial independence and home ownership.

I Want to Buy but I Don’t Know What I Can Afford?

Have you been told in the past that you need thousands of dollars for a down payment to buy a home? Experience shows that prospective home buyers often overestimate the affordability of purchasing a home. What you might not realize is that there are a handful of loan programs that lenders have to choose from.  Most standard loan programs with the best rates still require a minimum 5-10% down payment. However, you should know that there are still ways to purchase a home for as little as 3.5% down.

Knowing how much home you can afford and what it is going to cost you is a pivotal first step in the home search process. Find out exactly what you can afford and how achievable the dream of owning a home can be for you. Get a detailed report that shows you the very best home loans for your specific needs and preferences.

Financial Calculators & Resources

How Much House can You Afford? Here is a quick and fun tool to help you project how much home you may be able to afford to purchase. Understand that the only way to know exactly what you can afford to purchase is to speak with a mortgage consultant about your exact financial situation.

Is it Better to Buy or Rent? Here is an excellent interactive tool from The New York Times website to help make sense of the question: when does it make sense to buy vs. rent?

Considering a Home Purchase? This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process. Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to home buyers and multifamily investors.