What's a wannabe homeowner to do?Read on to find out. It's still a seller's marketI hate to break it to you, but if you've been wishing, hoping, and saving the last few years, and are finally ready to pull the trigger on a home purchase, you are absolutely not alone. You can get a mortgage from a big online lender or a tiny local credit union -- or any mortgage lender inTo equalize the market between buyers and sellers, the supply would need to be higher -- ideally, at least four months, and perhaps closer to six months. If you find the perfect home for you, and want to make an offer, you can do so quickly and confidently if you already know a lender is likely to give you final approval. Letting a lender put eyes on your real financial situation will give you peace of mind that you actually can, you know, buy a house. You should speak to some lenders and apply for pre-approval before you start your home search in earnest. Maybe you need to increase your income to afford mortgage payments, or pay down some current debt to improve your debt-to-income ratio and get approved to borrow. And if you find out that buying isn't a good idea for you from a financial standpoint, you'll gain insight into how to fix the problem. Now you've got a house to maintain, and all the expenses that go with it. And even after the ink is dry on all the paperwork you'll sign at closing, the bills don't stop. You've got to cover the down payment (and while there are $0 down mortgage options, it's generally a good idea to put something down on a home purchase to give yourself some home equity from the start). Buying a home is expensive -- it's likely to be the biggest purchase you'll ever make. I started saving to buy a house near the end of 2022, knowing that the soonest I'd be looking to buy was early 2024.
