- Becoming a homeowner is being able to buy a dwelling called a house (single family, condo, multi-family, mobile home, manufactured home) where you will enjoy a physical space designed to eat, sleep, rest, work, gather with family and friends, and in some cases, accumulate equity in the property.
- Make sure you understand the home buying process including how to qualify for a mortgage loan.
- Buy only what you can afford and remember that in some cases renting makes more sense than buying.
- Most people will need help understanding the documents, terms, disclaimers, conditions and obligations when signing a mortgage loan. Seek help from reputable sources and get in touch with an approved housing counseling agency. Visit HUD’s site for a list of nonprofit housing counseling agencies in your area.
- Your goal is to become a homeowner on terms that are affordable and sustainable. Homeownership is a great option if you have the knowledge and resources to make your largest investment work for you.
Five Rules for Home Buyers
Stop looking at homeownership as an idyllic dream. If you don’t, you may end up waking in the middle of a real nightmare.