Should You Buy a House Now, Or Wait?

August 5, 2021

While housing inventory is still trending low and demand is still high, you may wonder if it is better to wait until the market is more favorable for buyers. The best time to buy a home is personal; it is when it makes sense for you and your financial situation. Here are some ways to determine when it is a good time to buy a new home.
First, you should be financially secure before you begin thinking about buying a house. You will also want to determine what monthly mortgage payment you can afford, and begin saving for a down payment. 
You should review your debt-to-income ratio (DTI), which is your monthly bills — housing, food, gas, utilities, and debt — divided by your monthly income. A study of mortgage loans by the Consumer Financial Protection Bureau suggests borrowers with a DTI over 43% may have trouble making monthly payments.
Before starting the homebuying process, you should review your credit report and credit score. Lenders use this information to determine how qualified you are as a borrower. 
A credit score is a number between 300 and 850, and is determined based on your creditworthiness. The higher the score, the more favorable loan rates you may receive. Your score is based on information found in your credit report, such as the number of open accounts, total debt, repayment history, and other factors. 
You can check your credit report from all three credit agencies — Equifax, Experian, and TransUnion — for free each year through You can also check with your financial institution to see if they can share your credit score with you. 
While there are things you can’t control during the homebuying process, one thing you can control is your budget; stick to it when making an offer on a new home.
MSUFCU offers conventional, adjustable, and jumbo mortgages, as well as refinancing options, construction loans, home improvement loans, and home equity lines of credit. Start by applying for a mortgage online in our mortgage center, on the MSUFCU Mobile app, or at a branch. Once you're preapproved, you can begin your search for your new home knowing your interest rate is locked in for 90 days. 
We have a special offer for current mortgage loan members: You can lower your interest rate and possibly shorten the term of your loan with the Credit Union’s mortgage rate modification. For more information, visit

Tags: Home Ownership, Borrowing Money, Budgeting