| The record low mortgage rates should be very | | | | make sure it is not a strain. |
| tempting for you renters out there who are thinking | | | | No more than 25% of your monthly income. |
| about their first home purchase. The average interest | | | | Have a 4-6 month emergency fund available in |
| rate for a thirty year mortgage is around 5% and 4.5% | | | | savings. |
| for a fifteen year mortgage. There is also a first time | | | | Have studied the local market - know where the |
| buyer's tax credit which can be up to 8,000 bucks on | | | | best schools are and that you are not buying too |
| your taxes if you qualify-that program may expire | | | | much house for the neighborhood. |
| soon, although there is a discussion to extend it. So | | | | Remember that the money made on all real |
| make sure you check with your mortgage broker or | | | | estate purchases is made because you made a good |
| bank. There is no doubt that it is a great time to buy a | | | | buy on the purchase; you can't count on a great |
| home if you have your finances in order. What does | | | | market when you are selling. |
| "in order" mean? | | | | These rules will help insure that you will not join the |
| I recommend: | | | | millions of people now facing foreclosure. What they |
| Making sure you have a 20% down payment. | | | | thought was going to be the American Dream is now |
| Have been married at least a year and not be a | | | | Nightmare on Their Street! So, if you are ready - make |
| newlywed. | | | | the call - have the mortgage rate frozen by your |
| Have been pretending to pay your mortgage and | | | | banker or mortgage broker. |
| estimated taxes and insurance for several months - | | | | |