My husband and I are seriously considering purchasing a home while interest rates are low, but we are in our current lease until July 1st. We can't afford to pay a mortgage AND rent for very long, so if we do this I want to time it properly. There is a house on the market I like now, but I don't know if I can just terminate the lease even if I forfeit the deposit.
I know housing values are going down in many areas of the country, but we are planning on staying in this area so it's not like we would want to turn around and sell it.
What kinds of things do I need to know about buying a house for the first time?
About how long does it usually take to close on a house and move in?
Any other advice?
Thank you in advance!
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