Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 4
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48II. Before You Buy
Are You Ready to Be a Homeowner?
Buying a home is one of the most exciting events in your life and is likely to be
the most expensive purchase that you will ever make.
Before you make a
commitment, make sure you are ready.
Avoid the pressure to buy a home that you cannot afford. Here are some things
to consider:
Are you ready to be a homeowner? It is critical that you consider whether you
have saved enough money to support a down payment in addition to your
other debts. You must have job stability and a steady income.
How long do you plan on living in your home? Real estate is not always an
investment.
No one can predict what will happen with your local housing
market. If you plan to sell your home in the next few years, realize that the
property may not increase substantially in value or may have actually lost
value. You may ultimately owe more to pay off your mortgage than your home
will be worth.
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