4 factors to consider before your mortgage rate when buying a home

Many would-be homeowners have been waiting to buy a house for the past few years as mortgage rates have gone up and down. Some hope to buy their house at the right time to qualify for the best mortgage rate. While your mortgage rate is essential to consider when purchasing a home, it shouldn’t be your only deciding factor. Today, we want to share a few non-financial factors first-time home buyers should consider when preparing to buy.

• Family. A growing family is a great reason to buy a new home. A new home may mean more space for your family, a yard or green space, or a more consistent housing situation. Renting with a family can be very difficult. The bigger your family grows, the more rent you will likely pay. Plus, you don’t have control over how long you can stay in your rental if the landlord decides to sell or not renew your lease. With a family, a consistent housing situation is vital.
• Health. A recent analysis from Redfin found that 1.2 million homeowners and renters moved out of cities with a high risk of poor air quality. If you currently rent in a city with poor air quality, buying a house in a less populated area might be good for your health. A USDA home loan, designed to encourage rural buyers, may help you afford your home in a healthier climate!
• Affordability: Rent prices are closely tied to the affordability of your area. So, if affordability costs rise, it may be time to buy a home. Whether you buy a smaller, more affordable home in your current area or you move to a cheaper region to buy, owning your home can help you stay off the rollercoaster of rental prices.
• Job Opportunities: Where you work dramatically impacts your ability to buy a home. If you’re considering a career change, like moving to a new state or switching companies, it may be the right time to consider buying a home. Many companies offer moving allowances or house-buying programs to help their workers. Check if your company offers these options!

At PRMI, we work with many people to help them find the right mortgage financing for their needs. We have hundreds of mortgage programs with different down payment and loan options. Your mortgage rate is important to your future homeownership goals, but it’s not the only factor you should consider. If your life is changing because your family is growing, your job is moving, or you want a change of scenery, we’re here to help you find a way to afford a home. Visit your local PRMI advisor today to discuss your homeownership goals.