What does it mean with current economic conditions?

The housing market is up and down daily and these times are turbulent.  What does that mean if you are buying a home right now?

Well, for starters, if you closed today, it would mean you would miss the June 28-29 rate hike that is expected. 

It also means you’ll have a plethora of exotic, if scary, finance options to choose from, for now.  The Fed is in the process of cracking down on several of these lenders who are "peddling loans that offer below-market introductory teaser
rates, interest-only loans and payment-option loans that permit
payments that don’t cover even the interest." (via)

And, you’d be buying at a rate that is substantially higher than last year.  Which means, in a year or two, you may want to refinance.  So, if that is the case, be sure to keep your credit in good standing and make sure you don’t over-borrow to the point that no one will touch you to refinance your home.

Because of interest rates, which are currently still acceptable, but are expected to rise, you will want to think through your home purchase well.  If you end up buying next year, instead of this year, you may want to purchase with plans of refinancing in 2 years.

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