Should You be Buying a Home?

Are you ready to buy a home or are you just buying a home because everyone else is and you want a piece of the real estate market? Make sure you have had a steady source of income on a daily basis for the past few years and that your current job and source of income is stable enough.

If you have any other long term debts, such as loans or car payments, think a little harder to see if you will really be able to afford to pay down the debts as well as a mortgage at the same time. If you don't have any money saved up for a down payment, don't even think about buying a home. Even though there are some problems out there that lets you get away with this, you end up paying a lot more in interest. Also, if you haven't been able to save money for a down payment, what makes you think you will be able to save for a mortgage. Keep in mind that in addition to the mortgage, you will need to cough up money for PMI as well as property taxes, which can add on another $500-$1000 a month.