So with all of the recent excitement that came from the Federal Reserves decision to cut the interest rate by 3/4 of a percent I, of course, started debating whether I should consider taking advantage of some favorable mortgage offers.

But after spending some time thinking things through – I have decided that now is not the time for me – even though it may be more doable rate-wise. Here are my reasons for passing – in no particular order:

• I have little to no savings
• I’m in the middle of my big credit card paydown plan, so I haven’t really been worried about building my savings at all. I’m planning to use some tax refund money to bring my emergency fund back up to $1000, however the rest will go to debt and I plan to keep my focus there for the near future.

• I don’t know if I’m here for the long-term
• I was born and raised near Boston, went to school in Boston and have worked and lived in Boston since. Part of me likes it – and wants to remain close to my family, but another part of me knows that the longer I wait to move somewhere and try something different – the more difficult it will become. Sure I could buy a house, live in it for a few years and try to sell – but I’m not going to pretend that I know what I’m doing and that it would be that easy. I could rent it out from out of state – but that too would most likely proof to be difficult.

• Less than desirable credit score
• I pulled my annual free credit report this week and can’t say I was surprised. I have a lot of debt – we all know that. I’m currently paying it off and not opening new accounts, so I know my score will only go up in the future*. But for now, my score is a 705 and that makes the rates that I would be able to get on my own less than desirable.

• Property taxes, etc…
• As a current renter, I have no idea really what to expect with home ownership. Sure I can read and ask people questions, but each situation is different and I want to be sure that some minor (or major) setback won’t absolutely kill me or my finances.

So, it looks like no home purchase for me. Don’t get me wrong – I may still look and even go to an open house or two, but I won’t be buying anything soon.

* I say that I know that my credit score will only go up in the future, but that may not necessarily be true. Only because I have a strong desire to cancel a lot of my credit card accounts. Especially the most recent ones – that way I still have the long-standing credit history that comes with some of my first accounts and I limit my risk to identity theft (a.k.a. absolute disaster). I know a lot of people will say that closing accounts is a bad idea – but, my thought is that if you don’t use your credit cards – already have a fixed mortgage and can afford a 7-10 year wait for credit score improvement – why not?