Nook | We're Making Loans Simple

Login
New Nook Logo - We're Making Loans Simple
  • Your Loans

    Choose the best loan type you can have for your needs.

    Know which type of housing loan you need to manage your finances.

    Need to buy something? Continue studying? Or going somewhere else?

    Other Links

    Get Pre-Qualified

    Find out if you qualify for a loan in just 3 minutes.

    Mortgage Brokering

    We help you with your loan transaction at no cost to you.

    Book Consultation Call

    Get expert advices from our loan consultants for free.

    Loan Calculators

    Check your financial capacity now.

  • Partners

    Join the many who made the best decision in providing their clients with the best home loan journey available in the country.

    Banking Partners

    Some of the biggest banks in the Philippines with the goal of making home loans simple.

    Strategic and Partner Developers

    In coordination with top developers, realty and service providers for B2B connections.

    Retail Partners

    Get discounts and exclusive deals during your home loan journey from these retails shops.

    Affiliate Program

    Refer your friends and family to become an affiliate and receive commission plus discounts for every successful referrals.

    Nook Home Loans - Affiliate Army
  • Latest News

  • About

    Know more about the Philippines' first mortgage broker, how we do it and why only we can do it.

    Nook App

    Transact more faster with your Nook loan consultant on our app.

    Our Process

    Processing your loan application can be done with our four simple steps.

    About Us

    Why we are the first and the only mortgage broker in the country.

    Careers

    Join the Mortgage Brokering Industry Pioneer, Nook.

    Contact Us

    Chat to us now from our website and talk to a Live Agent.

    Help Center

    Tutorials and How-to guides when using Nook's technology.

When-Is-The-Best-Time-To-Buy-A-Home-Pnw2Et2L99Ae5Gkjcw1Gr4Zw1E3Cqhinu08Hrf1Hgg

When Is the Best Time to Buy a Home?

When Is the Best Time to Buy a Home?

Nook Admin – October 27, 2021

"For most people, owning a property is high on life’s list of priorities, but when is the right time to go ahead the and actually buy?"

1. Current and Future Income

A history of a consistent, regular income, with a probability that this will continue into the future is important. Without it, banks can’t lend you a home loan. Or if they can work with you to find a way to loan you the money to buy, it will be at a higher interest rate and possibly other conditions.

2. Stage of Life

If the need for stability in life is becoming more important, then buying a home for your family is probably a good idea.

Having your own property means you can modify your home to suit exactly what you want. When you’re a tenant renting someone else’s property, you are at the mercy of the landlord who could decide to increase the rent, prevent you from making changes to the interior and also ask you to leave you when it suits them.

3. Family Growing?

Having a new baby or growing family can have a big impact on a persons decision to buy a home. The need to create a home for their children, where memories are made and family bonding is done best and all reasons new parents start to seriously think about a property purchase.

4. Don’t try to predict the market…

Never decide to buy a property because someone says that something may or may not happen to the property market.

Not even the experts can agree on what will happen to the market and trying to predict the best time to buy is a waste of time. This is about buying your home, for you and/or your family.

If you are ready to buy, then buy. Owning your own home is a long-term decision and any short-term peaks and declines in the property market won’t matter in the long-term.

The most important factors for people thinking about buying to consider are their ability to pay for the home loan and their willingness to compromise on personal spending, which is almost always required with a home loan.

Be realistic with your personal financial budget. Not fully considering your lifestyle and expenses habits will come back to bite you. You could end up eating plain rice for the next 20 years. Home ownership is supposed to be rewarding, not a life sentence.

Finally, it’s worth remembering that generally, in most situations, your monthly rent can afford you a bigger and nicer home than your loan repayments will. So be prepared to manage your expectations with some aspects of home ownership.