From Pre-Approval to Keys: Where Are You in the Homebuying Timeline?

Homeownership stands as one of the most significant investments individuals can make, filled with excitement and anticipation. However, recent fluctuations in the housing market have left many prospective buyers questioning if now is the optimal moment for their purchase.In a recent Q&A, Chase Community Home Lending Advisor Dameion Normal, based in Atlanta, addresses critical inquiries on navigating the homebuying journey and securing new property keys.When pondering the right time to buy, consider focusing on your financial readiness, as economic conditions can be unpredictable. Being well-informed about the homebuying process can reveal potential savings. For those apprehensive about fluctuating rates, Chase’s Homebuyer Advantage allows eligible borrowers to lock in favorable rates for 90 days.Signs indicating financial preparedness include a solid income, a credit score of at least 620, and an understanding of homeownership’s costs, including hidden fees and maintenance. Additionally, note that various loan options offer less than the conventional 20% down payment. Explore local assistance programs to further optimize savings.