 TITLE: Should I Wait to Buy a House? CONTENT: When You Should Consider Waiting to Buy a House\n-----------------------------------------------\nNot everyone is ready to take the plunge into homeownership. Below are a few reasons to consider holding off:\n*   **You aren't financially ready.** Even if you find a home you think is within your price range, you'll still need to come up with a down payment, plus another 2% to 5% for closing costs. On top of the additional monthly costs mentioned above, experts recommend socking away 1% of your home price per year to maintain the property. If that gives you sticker shock, you may want to wait until you're on better financial footing to buy a home. This includes building a strong emergency fund to cover surprise home repairs and other unexpected life expenses.\n*   **Your credit score needs work.** Every lender is different, but most require a FICO® Score☉ of at least 620 to qualify for a mortgage. If your credit score just makes the cut, you'll likely pay more in interest and loan fees compared with someone who has stronger credit. Taking steps to improve your credit before applying for a mortgage can improve your odds of getting approved and help make your home loan more affordable. \n*   **Home prices are expected to drop.** Buying a home during a housing bubble can be risky. As demand levels off and supply increases, prices tend to go down. The problem, of course, is that no one can predict when (or if) that will happen. Let your gut and your personal financial situation be your guide. If you're unable to easily take on the expenses that come with homeownership, you may be better off waiting to see if prices come down. END