I graduate from school last year and after 1 year of saving, I'm starting to think about buying my first house. I was planning on looking at the end of next year, but I'm worried about interest rates. This is where I stand:
income: $3,000/month take home pay
rent: $1,000/month -for me, my wife and two kids.
savings: $35,000 by the end of the year
projected savings: $60k by the end of next year
cost of house: $100k-$150k.
I am very interested in keeping a bit of money in the bank after the down payment (I would probably feel uncofortable with less than $8k in the bank for emergencies).
I understand that interest rates are going to start increasing soon
http://www.forbes.com/sites/advisor/2014/03/27/fed-on-target-to-raise-interest-rates-in-spring-2015/. Should this push me to up my timeline? I would hate to have missed the crazy-low interest rates we've been experiencing.