SUMMARY
- Rent payments generally do not build ownership equity, while mortgage principal payments can help build equity over time. However, homeownership involves additional expenses, and property values may increase or decrease.
- Fewer buyers can mean more negotiating power. You may be able to ask for a better price, repairs, and flexible closing dates.
- Readiness beats timing. Steady income, manageable debt, and savings matter more than market predictions.
- Buying now isn’t a life sentence. If rates fall, refinancing may be an option later.
- Two FIG Credit Union offers can help today if you qualify.
Right now, in the kitchen of an apartment or rental home, people are running numbers on their phone’s calculator and wondering if they should wait to buy a home.
It’s a fair question. If you’re financially ready, waiting until 2027 won’t guarantee you’ll save money. Nobody can say for certain where mortgage rates or home prices will go, but you can know your own budget, savings, and goals. That’s where the best decision starts.
Will waiting until 2027 get you a lower mortgage rate?
Maybe, but it isn’t guaranteed. Mortgage rates can rise, fall, or hold steady. Meanwhile, if you pay $2,500 a month in rent, that’s $30,000 a year that doesn’t build equity. A mortgage payment builds equity gradually, though early payments go mostly to interest and home values can go down as well as up.
Does less competition give homebuyers more negotiating power?
It can. When fewer buyers are bidding, you may be able to ask for repairs, flexible closing dates, or a better price. If other buyers are waiting for rates to drop, you may face less competition today.
What happens if home prices keep rising?
Waiting may be beneficial depending on future rates, home prices, your financial readiness, and the overall costs of renting compared with owning.
How do you know if you’re financially ready to buy a home?
You could be ready if you have steady income, manageable debt, and savings for both the down payment and the unexpected costs of owning a home. If that’s you, the calendar matters less than you think.
Optimize your mortgage strategy with our complimentary Mortgage Checkup. It provides personalized mortgage guidance, including a review of potential loan options, estimated down payment needs, and financing considerations based on the information you provide. Call 323.209.6326 or schedule an appointment online.
What mortgage options should you consider?
Loan types, down payment levels, and terms all change your monthly payment. Talking with a mortgage specialist can show you what’s possible for your budget, not just the average buyer’s.
What does waiting cost compared to buying today?
| Buying today | Waiting until 2027 | |
| Housing cost | Mortgage principal payments can build equity over time, but homeownership includes additional expenses. | Rent generally doesn’t build home equity but may offer greater flexibility and fewer maintenance responsibilities. |
| Rate | Today’s rate | Could be lower, higher, or the same. If rates drop, you may be able to refinance later, subject to credit approval and closing costs. |
| Price | Today’s price | Could be lower, higher, or the same |
| Competition | Fewer buyers in some markets | May return as rates fall |
Put real numbers next to each column. We’ll help you do it, with no pressure and no jargon.
Can I refinance later if rates drop?
In some cases, yes. If you buy now and rates fall, you may be able to refinance at a lower rate. Refinancing isn’t guaranteed: it’s subject to credit approval, your home’s value, and closing costs, which can offset some of the savings. Buying today gets you into your home while keeping that door open.
What FIG Credit Union mortgage offers are available right now?
As a Member-owned credit union, we measure our success by yours. Right now, our Home Advantage Promotion offers1:
- Eligible borrowers may receive a closing-cost credit of up to $10,000 on qualifying FIG Credit Union Portfolio Loan Program purchase or refinance transactions. The credit is limited to actual eligible closing costs, is subject to program requirements, and has no cash value.2
- A 1.00% interest rate discount for the first 12 months after closing when you set up Direct Deposit of at least $1,000 a month and enroll in Auto Pay.3 If the qualifying Direct Deposit or Auto Pay is discontinued during the 12-month discount period, the interest rate discount will end and the loan will be subject to the non-discounted interest rate specified in the loan documents, which will increase your monthly payment.
Talk to a loan officer about your purchase or refinance. To qualify, eligible applicants must apply between October 1, 2026, and March 31, 2027, provide promotional code MTG-MEM at application, and close their qualifying loan by March 31, 2027. Refinances of existing FIG Credit Union mortgage loans aren’t eligible.
Final thoughts.
Remember that image of people in the kitchen, running numbers and wondering if they should wait? The right answer for someone else, and for you, isn’t something a news headline or a forecast can give. It comes from sitting down with someone who knows your name, listens to where you want to go, and helps you see the real numbers on both sides.
That’s what being Member-owned means. We don’t win when you sign a loan. We win when you walk into a home that fits your life and your budget, whether that’s today or a year from now. If today could be your day, we’d love to be part of it.
Talk with one of our mortgage specialists at 323.209.6326, schedule an appointment online, and let’s find out together if now is your moment to become a homeowner.
1Subject to program requirements.
Home Advantage Promotion: Membership eligibility required. Farmers Insurance Federal Credit Union, doing business as FIG Credit Union. Offer valid October 1, 2026, through March 31, 2027, and available to eligible applicants who apply for and close a qualifying mortgage loan during the promotional period. Refinances of existing FIG Credit Union mortgage loans are not eligible. The applicable promotional code must be provided at the time of application to qualify for the offer.
2Closing-Cost Credit: Eligible borrowers may receive a credit of up to $10,000 toward actual, eligible, nonrecurring closing costs on qualifying FIG Credit Union Portfolio Loan Program transactions. The credit cannot exceed eligible costs incurred. Unused credit has no cash value and will not be paid or refunded to the borrower. Direct Deposit and Auto Pay are not required for the closing-cost credit.
3First-Year Interest Rate Discount: A qualifying Direct Deposit of at least $1,000 per month and enrollment in Auto Pay are required to qualify for the first-year interest rate discount. The discount is available on qualifying FIG Credit Union Portfolio Loan Program transactions and applies for the first 12 months following loan closing. After the 12-month discount period, the interest rate discount expires, and the loan will be subject to the non-discounted interest rate specified in the loan documents. Continued Direct Deposit and Auto Pay after the first 12 months will not extend the interest rate discount. Example: 30-year fixed-rate purchase loan of $300,000 ($240,000 loan amount) with 20% down, 0 points, 740+ credit score. 5.50% interest rate for the first 12 monthly payments with qualifying Direct Deposit and Auto Pay, then 6.50% for the remaining 348 payments; 6.42% APR. Repayment terms: 12 monthly principal-and-interest payments of $1,362.69 followed by 348 monthly payments of $1,513.44. Payments do not include taxes and insurance; actual payment obligation will be greater. Rates are for example only and subject to change. Contact us at 800.877.2345 for current rates.
Your home secures the loan. Failure to make payments could result in foreclosure and the loss of your home.
Additional terms and restrictions apply. All loans are subject to credit, underwriting, property approval, and applicable program requirements. Program availability, terms, and qualification requirements may vary. Interest rates and terms are subject to change without notice. NMLS #408877. Federally insured by NCUA. Equal Housing Lender.
