{"id":19074,"date":"2021-12-21T11:11:00","date_gmt":"2021-12-21T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19074"},"modified":"2021-12-14T12:05:27","modified_gmt":"2021-12-14T20:05:27","slug":"buying-your-1st-home-in-2022-should-you-wait-till-home-prices-come-down","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/buying-your-1st-home-in-2022-should-you-wait-till-home-prices-come-down\/","title":{"rendered":"Buying Your 1st Home in 2022? Should You Wait Till Home Prices Come Down?"},"content":{"rendered":"<p style=\"text-align: justify;\">Purchasing your first home is not only a financial investment, it\u2019s a highly emotional experience. It\u2019s also a decision that\u2019s all too often fraught with FUD. That is, fear, uncertainty, doubt. But then, you\u2019re about to invest potentially tens of thousands of dollars in the form of a down payment on your new home.That could leave you with very little left over in the bank, so you\u2019d better make sure the home and the mortgage you choose,are a good ones.<\/p>\n<p style=\"text-align: justify;\">Says the experts at Rock Mortgage, one of Houston\u2019s Top Mortgage Lenders, purchasing your first home is something that shouldn\u2019t frighten you. If anything, it is something that should enhance your life. This is precisely why it\u2019s important to have a trusted mortgage lender by your side throughout the entire buying process. You need to count on on-time mortgage closings and have the peace of mind that comes with constant communication.<\/p>\n<p style=\"text-align: justify;\"><strong>Choosing the Right Lender<\/strong><\/p>\n<p style=\"text-align: justify;\">With that in mind, what\u2019s the first thing you should look for when purchasing your first home in 2022? According to a new report, choosing the right lender or loan officer is by far the most important decision you will make when entering into a new home transaction.<\/p>\n<p style=\"text-align: justify;\">You need to look for a mortgage lender that has many excellent reviews and five star ratings online. It also doesn\u2019t hurt to check with friends and family who have worked with someone they love and trust.<\/p>\n<p style=\"text-align: justify;\"><strong>Pre-approval<\/strong><\/p>\n<p style=\"text-align: justify;\">When you\u2019ve decided which lender to use, you need to begin the pre-approval process. This is the pat of the home buying program where you really dig down deep into the state of your finances. You will learn how much of a loan you qualify for.<\/p>\n<p style=\"text-align: justify;\">You will also get a rock solid idea of how much of a down payment you need to come up with. Once that\u2019s done, you will have a good idea of your estimated monthly mortgage payments.<\/p>\n<p style=\"text-align: justify;\">Also, if there\u2019s anything else you need to do prior to buying your home, now will be the time to get it done. Keep in mind that if the lender only requires a \u201csoft pull\u201d pre-approval process, your credit score will not be negatively impacted.<\/p>\n<p style=\"text-align: justify;\"><strong>Finding that Perfect House<\/strong><\/p>\n<p style=\"text-align: justify;\">Now that you know what you can and can\u2019t afford, you need to find a real estate agent you can trust to locate the perfect home. Depending upon how competitive the housing market is, you might have to make a few offers before one is finally accepted.<\/p>\n<p style=\"text-align: justify;\">A decent real estate agent should be able to consult with you regarding price and other factors that will inevitably lead to your offer being accepted. Some of these factors might include whether or not the home needs expensive repairs like a new roof or a new boiler system. These will contribute to your not having to pay full value for the property.<\/p>\n<p style=\"text-align: justify;\"><strong>Closing on Your Mortgage<\/strong><\/p>\n<p style=\"text-align: justify;\">The final and most important thing to look for when purchasing your first home in 2022 will be closing on your mortgage. This is where all legal aspects of the home buying process joins the financial portion. The experts attest that once you have an offer that is officially accepted by the seller, you will typically have four to six business weeks to close on the mortgage.<\/p>\n<p style=\"text-align: justify;\">Not only will you need to consult with your lawyer to make this process run smoothly, you need to stay in close contact with your loan officer in order to come up with all the necessary documentation and paperwork required to get moving on the mortgage approval proceedings.<\/p>\n<p style=\"text-align: justify;\">A trusted and well qualified loan officer, along with his or her team, should be there through every legal step to make certain the loan is not only approved, but funded on time. The loan should also work in your favor with a competitive interest rate and the lowest fees possible.<\/p>\n<p style=\"text-align: justify;\"><strong>Rising Home Prices<\/strong><\/p>\n<p style=\"text-align: justify;\">Keep in mind that in the third quarter of 2021, home prices rose just shy of 20 percent on a national scale, or so claims the Federal Housing Finance Agency\u2019s House Price Index. This is a massive jump and it also stresses how first time home buyers now require \u201cmore flexibility on the amount they can borrow.\u201d<\/p>\n<p style=\"text-align: justify;\">What you need to ask yourself prior to engaging in the process of buying your first home in 2022 is this : should you be taking out a higher mortgage or should you wait until prices come down? The choice is yours and only yours to make.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/what-to-look-for-when-buying-your-first-home-in-2022\/98765067\/\" target=\"_blank\" rel=\"noopener\">What to Look for When Buying Your First Home in 2022<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing your first home is not only a financial investment, it\u2019s a highly emotional experience. It\u2019s also a decision that\u2019s all too often fraught with FUD. That is, fear, uncertainty, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/buying-your-1st-home-in-2022-should-you-wait-till-home-prices-come-down\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19074","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buying Your 1st Home in 2022? 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