There is a lot to take into consideration about the prospect of homeownership.

Becoming a homeowner takes time, energy and money.

Answering these questions may help you decide …. are YOU ready for homeownership?

• Do you have a steady, reliable source of income?
• Have you been employed steadily for the last 2 years?
• Do you pay your bills on time?
• Is your total debt (all credit cards, car loans, etc.) manageable? Can you afford those debts and a mortgage as well?
• Do you have some money saved for a down payment? (A portion of the price of a home, usually between 3-20%, not borrowed and paid up front.)
• Do you have some money saved for closing costs? (The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other costs. Ask a lender or real estate professional for a complete list of closing cost items.)
• Can you afford both the mortgage and other expenses, such as electric, water, repair and maintenance costs?
• Do you plan to live in the house for at least 2 years to give yourself time to build some equity?
• Do you have time to take care of a house – including responsibilities like mowing the lawn and handling repairs?
• Do you have time to devote to buying a home right now? Are there other commitments that are a priority?

If you answered "YES" to most of these questions, you may well be on the way to owning your own home!