Are you ready To Buy a New Home? Ask yourself these questions

What are your personal reasons?

Do you need more room for a growing family, or want to move closer to work or schools? Make a list and think it through; it's a good way to balance out the financial factors in your decision.

How long do you plan to own this home?

You may be better off renting if you expect to move or get transferred within two years. Compare total expense involved with renting vs. purhcasing and selling after 2 years

Can you afford to carry a monhtly mortgage and still pay your bills? A mortgage should take no more than one third of your net income. Budget to buy and determine how much your payments will be. If you're carrying extra debt, take steps to reduce.

Do you need a tax break?

Take into consideration tax deductions you may receive

What is your credit situation?

Don't be pushed into purchasing just because you can. Many lenders are giving away sub prime loans. These loans often carry high interest rates and if not managed properly can often end up in default. It might make better financial sense for you (the borrower) to postpone purchasing, build your credit, and ultimately buy a home on more favorable terms. Be sure and consider Interest Rates. Currently Interest Rates are at all time loans and may not be around forever.