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Tips for Making Home Ownership Easier
By Sherry Frewerd

There are several areas that you should consider before starting the process of buying a home. The following tips will help you decide if you are in fact ready to buy a home.

How sound is your job? Is this the job you will keep for a long time? Is your employer and your position within the company reliable? Taking on a home mortgage is a major decision and having money to pay the loan for the long term is a point to consider.

While considering your ability to pay a mortgage, you should take a long look at your credit or FICO score. Get a copy of your credit score from the three major credit reporting agencies. You can get this information from myfico.com. Lenders will look at your score before qualifying you for a home loan. Lower credit scores mean higher loan interest rates. Having a lower interest rate will save you money each month. If there are any inaccuracies in your report you will need to contact the credit companies in question to have the errors corrected.

After checking your credit rating, find a mortgage lender and get yourself pre-approved for a loan. This way you'll know how much house you can afford. You should consider buying a house a bit below what you can actually afford so that you're not putting all of your money into your loan. Keep in mind that you still will have utilities and insurance to pay along with your mortgage loan.

How much have you saved for a down payment? In order to avoid paying for mortgage insurance you'll need twenty percent down. Mortgage insurance is extra money that you pay if you lack the down payment. To find out what your down payment and your monthly payment will be based on the interest rate you qualify for, go to bankrate.com and use the calculators.

If, after examining your finances, credit score and the amount you have saved for a down payment, you find that you aren't exactly in the positive condition you should be for home ownership, consider waiting until you are. Your best bet is to get all of your ducks in a row before taking on a major purchase like a home. Save more money or raise your credit score and then start the home buying process. You'll save yourself a ton of stress in the long run.

Owning a home provides not only a place to raise your family and call your own, but tax deductions as well. Being ready to take on the American dream often comes with work and sacrifice, but the advantages far outweigh the disadvantages. Do it right by researching and knowing exactly what you're getting into before buying a home.

Find out if you're ready to purchase your first home at 'Find Home Mortgage Loans' http://findhomemortgageloans.homestead.com/ Learn how to get control of your credit debt at 'Managing Credit Debt' http://managingcreditdebt.homestead.com/

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