Almost 10 years ago, the U.S. housing market turned downward and many Americans lost their homes to foreclosure. As a result, these families moved to rental homes, apartments and condos, waiting for the right time to buy again.

Now that the market has recovered, “boomerang buyers” as they’re called, are returning to the market ready to jump back in. However, many others still don’t know if they’re financially ready.

Bank of England Production Manager Troy Silhan recently explained how boomerang buyers can know when they’re ready, as well as what they can expect in this new market.