With home prices and mortgage rates close to their historic lows, you might be considering buying your first home. To figure out whether this is way to go, you should ask yourself three big questions:

  1. Is it the right time for you and your family?
  2. Is this the right house for you?
  3. Can you really afford this house?

Question One

You should really focus on your family’s situation as opposed to the market. While prices are low, lending requirements are tighter–which has made it harder to qualify for a home loan. As a result, you will now need a larger down payment and higher FICO score.

Question Two

Only you can truly answer this question!

Question Three

Renters need to consider not just their desires, but also their financial realities before purchasing a home. Buying a home is a big financial responsibility–one that protects you you against rent increases. A home represents stability, a place where you want where you want to settle down for at least five to seven years. Bottom line: You don’t want to take on more square footage than you can maintain and enjoy.

That should at least help you get the discussion rolling. When you’re ready, of course, feel free to seek me out to assist you with all your real estate needs!