Brief Guide to home buying (1)

Seriously consider this question: Are you really ready to buy a home?

It's an expensive, long-term commitment. If you change jobs or the neighborhood declines, you can't quickly get up and go. Selling a house can take months and cost lots -- likely 10% of a home's value -- in agent fees, closing costs and moving expenses.

• Do you plan to live in your new home at least three years?
• Are you financially prepared? Steady employment, a good credit score and a 20% down payment are needed to obtain the best
  mortgage rate.
• Is it the right time to buy? If area homes have experienced huge appreciation over the past five years, prices are bound to return to a more affordable level. Check out the home prices in your area.
• Don't count on your home to be a great investment. Historically, the stock market outperforms real estate as a hedge against inflation.

(source: articles.moneycentral.msn)