1st-Time Home Buyer's

Relax. The first time always seems scary. Your palms sweat and you get sick to your stomach just by the thought of it. Then it happens. Was it really that bad?

Purchasing your first home should not be a dreaded event. Get excited. The more you learn about why you should buy a home, the less scary the whole process will seem.

Before your buy a home consider the following reasons why you are doing this:

Real Estate is an investment in your future.
Although home prices can go up or down in the short-term, historically, real estate has consistently appreciated.
You can save on taxes as long as your mortgage balance is less than the price of your home. If so, the interest you pay on your mortgage is fully deductible on your annual tax return, if you itemize your deductions (Schedule A Form 1040). Also, real estate taxes paid for a first home are fully deductible (Schedule A, Form 1040, line 6).
Ownership builds equity (i.e. wealth). Each mortgage payment pays down the principal balance of your loan. As the principal balance decreases, your wealth increases.
Home ownership can help eliminate the cycle of credit card debt. As you pay down your mortgage you build equity. This will be available to borrow against for various reasons such as home improvements, business start-up, college tuition or medical loans. Eliminate the need for credit cards and start borrowing from yourself! Oh yeah, did we mention that interest on home equity loans are deductible?

Before you start showing up at open houses here is a list of things that you might want to be considering: