First Time Buyers

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There is a lot of pride in being a home owner, but with ownership comes a lot of responsibility. First off it means saving money and then investing that money. With ownership comes the added responsibility of taking care of your investment. Before you decide to buy a home, make sure you're ready because it can really change your lifestyle. Some positive and potentially negative things to consider:

• Security. Owning a home is a good way to build equity and long term financial security. 
• Emotional stability. Many of the most important moments of your life will likely be experienced within the walls of your home.
• Financial Stress. Coming up with the down payment and meeting regular mortgage payments can put a stress on your disposable income.
• Maintenance. Time and money are part of the commitment of owning a home.
• Responsibility. You alone are responsible for payments, repairs and maintenance.
• Flexibility. You now have more freedom to decorate or renovate your home to reflect your own needs and personal taste.

Here are a few questions to ask yourself in helping you make the decision if homeownership is right for you:

• Is this the community I see myself living in for the next 5-10 years?
• Am I certain that I will not be required to move to a new city in the near future?
• Will my income remain the same? Will it increase in the future?
• Am I ready for the financial responsibility of a mortgage?
• Am I ready to take care of repairs and upkeep of my home?
• Can I handle the payment on my home if mortgage rates increase?
• Based on the advantages and disadvantages, and assessing my answers to the questions, am I ready for homeownership?