Buying a home of your own is extremely beneficial, especially when you intend to live in the same location for a very long time. For some people renting would be better. If you're determined to purchase a home, it is essential to put some factors into consideration. First, you will need to know if you could afford to purchase a home, even if your income is good, and even if today's market prices offer monthly amortizations equal or even less than your monthly rental rate during the first few years, you would still need to check how much you have to put into your current debts, amount of savings you could put as down payment, and evaluate your credit rating. As most of us know, the interest rate depends on credit scores. After doing so, you are going to have to think long term. Do you intend to stay in you new home for a long period or is there possibility of moving? And, could the home prices in the area in which you plan to live in fit your budget? With these said, you should be able to decide whether you are ready to own your ideal home. Posted by Colleen Lane on
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