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Home Ownership Tips Buying a home is the largest purchase most people will ever make. As such, it makes sense to take a careful approach when buying a home. Take your time, plan ahead and do some research (this is probably what you are doing right now). So consider taking a few months, taking each step thoughtfully and making sure that you are getting the right deal for you. So, which kind of home buyer are you? You can save yourself a lot of time and effort in the house hunting, if you know that now. Regardless, you should know that looking at homes will eventually show you what kind of homebuyer you are. Home ownership has great benefits. Home ownership also comes with certain responsibilities. Are you ready for home ownership? Look at your current situation and determine if:

• You have a continuing and reliable source of income prior to applying for the loan.
• You have a credit history that shows you're ready for home ownership.
• Your total debt is manageable and you can afford to take on the costs associated with home ownership.
• You have money saved for a down payment and closing costs.
• Once you fully understand your current situation, it's important to look at the pros and cons of home ownership to make the best decision for you and your family.

What are the advantages of home ownership? How much can you afford? What are the risks of home ownership? What are the myths about home ownership? What kind of home buyer are you? Are you the kind who likes a challenge and would love a fixer-upper? Are you the kind of person who likes to move in and have everything done? Are you okay with living with the decorating style of another, even if it's not quite you? Do you want a blank slate to start with? The type of homebuyer you are depends on how you answer these kinds of questions.

To help you get started, review the information we've compiled in this section:

Buy, Rent or Rent To Own?

Prepare Before You Buy

Existing or New Home?

First Time Home Buyers

Inspections and Warranties