If you saw the press release by Zillow recently in the Wall Street Journal, then you know that, at least according to Zillow, the 30-year fixed mortgage rate recently dipped down to 4.2%. Does that mean that now is the right time for you to purchase your next home?

The answer is YES!!!

And also NO!!!

Confused? Don’t be, purchasing a home can be a tricky process and one of HomeBridge’s main goals is to simplify the experience for everyone involved.

When rates dip, instead of asking others “Is now the right time to buy a home?” you should be asking yourself “Am I ready to buy a home right now?”

Mortgage rates change on a daily basis and what you may see in the news may not be the rate you actually qualify for based on your credit score and financial situation. That said, the best time to buy is when you’re financially ready to take on the responsibility of owning a home and the smartest way to do that is to get as early of a start as possible.

First, you should review your financial situation and make sure your credit is as good as it could possibly be. You can find some great credit tips on our website here.

In addition to saving for a down payment, you should also contact a mortgage loan originator for a free, no obligation pre-qualification. While the free pre-qualification will give you a ballpark figure of what HomeBridge would be willing to loan you right now, it will also give one of our loan originators the opportunity to discuss with you ways you can potentially qualify for a better rate later on and the different mortgage products available to you.

Keep in mind that securing a mortgage and the general home buying process are far from overnight transactions. The entire process can take weeks, sometimes even months, from start to finish.

Also, unlike most other purchases you may make, buying a home should be looked at as a financial investment that will appreciate over the years to come. While no one can predict what mortgage rates will be next week or the next year, over the long run, a slight raise or decrease in rates probably won’t affect you much.

If you’re considering home ownership right now or two years from now, ask yourself “Am I ready?” and if you’re unsure, read our Mortgage 101 page. A consultation is always free and there is never an obligation to use HomeBridge to secure a mortgage when you do decide the time is right to purchase a home.

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