Should You Buy a House Now or Later?

There are few things more exhilarating than buying a home — it symbolizes independence, freedom and is a physical culmination of responsible financial habits. That being said, it can also be terribly confusing.


On any given day, there are dozens of hot takes, think articles and posts offering conflicting viewpoints on when and where you should buy a home. We’re here to tell you that, truly, the decision is in your hands.


Our role is to help inform and empower your choice. So before you buy a home — or start saving — here’s what you need to know:


There are plenty of loan options to choose from.


Whether you’re buying now or later, you need to find out how much house you want and how much house you can afford. And unless you’re part of the small population of Americans who can buy a home in cash, you’ll need to find a loan to finance your mortgage. Luckily, Utah home loans come in a number of different shapes and sizes.


There are conventional loans that offer 95 percent loan-to-value financing; first-time buyer loans for those entering the housing market; loans to help veterans own their own house; and a number of options for those looking to refinance their current mortgage.


If the options are overwhelming, don’t worry, there are plenty of trustworthy credit unions in Utah to help you decide the best way to finance your dream home.


Getting pre-approved for your loan has never been easier.


Because competition for your new home will be stiff, experts recommend being pre-approved for a home loan before you make your offer. It helps to be pre-qualified for a loan, but pre-approval shows you mean business. And while it might be a seller’s market, current mortgage rates in Utah are favorable to buyers. If you’re unhappy with your current mortgage loan, Mountain America Credit Union can set you up with refinancing to put you back in control.


Interest rates are favorable.


Current interest rates are “beginning to have a positive impact on some segments of the economy,” according to MarketWatch, and Mountain America Credit Union offers competitive rates on home loans to help you finance the house you’ve been dreaming of.


It’s a great time to rent your property.


Research shows more U.S. homeowners are renting than at any point in the last 50 years. That means there’s a largely untapped market you could benefit from. If you find an available home or that is in good condition and in a desirable location, you can charge a decent rental price that will help you pay off your mortgage faster.


Government foreclosures can be a good option.


Finally, if you’re looking to buy in this seller’s market, you can always look into government foreclosure properties. Begin by looking at the government-run websites that feature foreclosure houses, like the VA, USDA, FHA, Fannie Mae and Freddie Mac. They might require a bit more fixing-up, but you’ll likely pay less in the long run.


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