Homeownerships is one of the largest investments consumers will make in their lives – and one of the most exciting. But, the housing market has experienced a lot of highs and lows over the past few years, and many buyers are sitting on the sidelines wondering if now is the right time for them to buy.

Here are a few questions and considerations to determine where you are in your homebuying journey and your next steps to securing the keys to your new home.

When is the right time to buy?

The market is ever-changing, and there’s a lot you can’t control. So focus on what you can control, which is your financial readiness, because the best time to buy is when you’re financially prepared to. Rates aren’t the only thing impacting housing affordability, and educating yourself on the homebuying process  and making informed decisions may help you find additional areas to save.

If buyers are concerned about daily rate fluctuations, consumers might be able to lock in today’s rate while they shop around. For instance, Chase’s Homebuyer Advantage with Lock and Shop program allows borrowers who are eligible to lock in their rate for 90 days while they begin the homebuying process. They also may be eligible for a one time option to lower their rate if rates improve. 

How do I know if I am financially ready for homeownership?

Homeownership is a dream for many, but most people don’t know that their dreams may be within reach. Here are some signs you may be ready to take on homeownership:

            •           Your financial health is sound. This might look like having a regular, dependable source of income, having a good credit score—lenders typically look for a score of 620 and above—and having a low debt-to-income ratio. This allows lenders to better gauge how much you may be able to afford.

            •           You understand the true cost of homeownership: This might look like understanding not only your borrowing capacity but also the monthly payment. You’re also prepared for the additional costs of buying a home, such as closing costs, property taxes, homeowners association fees, among other costs, as well as ongoing maintenance or repairs. Look for financial tools like the Chase affordability calculator to help determine buying power, based on income, and preferred monthly loan payments.

            •           Your personal goals and timelines match up: Think about your upcoming life events and whether it makes sense to own a home, such as retiring, relocating or a growing family.

What else can I do to save on the costs of homeownership?

A big misconception is that you have to put 20% of the total purchase price of the home down, but some loan types offer low down payment options—such as FHA and VA loans. For example, Chase’s DreamMaker Mortgage has flexible credit guidelines and down payments as low as 3%.

Find local assistance programs to help reduce items like closing costs, down payments or interest rates. There are assistance programs at the local, state, and national levels to support homebuyers on their path to homeownership. You can checkout tools like the Homebuyer Assistance Finder that helps you research and find additional assistance programs you may qualify for, such as Chase’s Homebuyer Grant which offers up to $5,000 in qualifying neighborhoods.

Also, don’t be shy to shop around for your loan — make lenders compete for your business. Check in with more than one lender and compare and contrast terms to get the best deal possible.

For more information to prepare you for your homebuying journey, visit chase.com/afford or connect with a local a mortgage professional who can help make recommendations based on your unique financial picture and goals.