Mortgage Lender Shares 4 Signs You Should Wait Before Buying a Home
Today’s housing market has many people feeling left behind. For some, the higher-than-normal prices and rising interest rates serve as a barrier to buying. For others, the interest rates they locked in during the early days of the pandemic are keeping them trapped in golden handcuffs, making it unaffordable to make a move.
However, one mortgage loan originator says that the people in the first group shouldn’t feel left out, since there’s a very good reason why they shouldn’t be buying. TikToker @anutterhomeloan breaks down her reasoning in a viral video, describing the red flags that should keep hopeful homeowners on the sidelines for now.
She says the people who meet these criteria should definitely wait a bit before trying to buy a home. Some people in the comments are thanking her for her honesty, especially during a time when a lot of the financial advice out there is telling people to buy now before things get worse.
Now, her post is going viral with more than 13,300 views in just about a week, showing how eager a lot of people are to hear this kind of information.
Mortgage Lender Says Certain People Should Avoid Buying a Home Now
@anutterhomeloanNot everyone should buy a house right now, and I’ll be the first to say it. If you barely qualify at today’s rates, might move within a few years, have shaky income, or would drain your savings to close, waiting is the smart move. But if none of those are you, the rate probably isn’t your real problem. Comment “not me” if you made it through the list.♬ original sound – Jordan Nutter | NFM Lending
The TikToker introduced herself as Jordan Nutter, telling her followers that she aims to demystify the homebuying process. In her Oct. 21 video, she’s trying to help people with current mortgage pre-approvals decide if they should still move forward with the process.
First up, she says anyone who barely qualified for a pre-approval a few months ago will struggle with today’s rates. “If the house only works at the very top of your budget, it doesn’t actually work,” she explained. Second, she says anyone who isn’t planning to stay in the home for three to five years should think twice about buying. “Buying costs money, selling costs money, and short stays usually lose,” she continued.
Next, she says people whose income feels a little shaky should also wait, especially couples who only qualify based on both incomes. Lastly, she says you shouldn’t buy right now if doing so would empty your savings.
“So go down that list. If one of those is you … wait,” she said.
People Appreciate the Advice
It sounds like the people in the comments appreciated the in-depth explanation. Several people even said that the video was enough to sway them in one direction or another, with one person writing, “You’ve convinced me! My wife and I got approved for $300,000. We’re looking at closer to $200,000. Even so, our savings would be at $0 with a 3.5 percent down payment. We’re going to wait until we have more in savings.”
“Good advice because buying is one thing, but owning and maintaining is a whole other set of costs,” another person added.
Of course, deciding whether to buy a home in this market is a deeply personal decision and one that people should only make after careful consideration of their own financial situation and their comfort level with today’s market. That being said, it does seem like Nutter’s advice resonated with a lot of people, making her tips something worth looking into.
