Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.

Here are some questions to consider as you prepare to purchase a home:

1. How long do you plan to live there?
Generally, the rule of thumb is your home won't start to appreciate until 3 years after purchase. Quickly reselling a property can cost you money.

2. How long will it meet your needs?

3. How is your financial health-your credit and home affordability?
Analyze your credit history and financial situation to determine what you qualify for and what you can comfortably afford. Research loan options customized to your needs!

4. Where will the money come from?
Various loan options are now available to individuals who can prove they are a good financial risk. Down payments and closing costs are typically paid upfront, but they are not always necessary.

5. What are the ongoing costs?
Additional maintenance, improvements, taxes and insurance costs are added to your monthly payments, increasing the expense. Before purchasing a property these costs should be budgeted and carefully considered.