Consider your future, if you are in your 20’s now, did you realize you could consider retirement by the time you are age 55 just by making some wise choices in home ownership. Think about this, if you are paying rent, you’re pretty much just throwing your money away. However, if you decide to purchase a home and pay the payments for the usual 30 years, you would be in a great position at that time to retire, because your home would be paid for.

What stops you from purchasing a home now? Prices are lower now than they have been in recent years. Interest rates are lower too. Quite a few home builders are offering first time home buyers really fantastic incentive financing. There are many first time home buyer programs available.

If this is sounding pretty good to you, then it is time for you to get yourself in a position to purchase a home. Begin by checking your credit—order your credit report. If your credit report tells you that your credit rating is lower than 600, then you would probably need to improve it before you apply for a loan. Pay off debt; cancel credit cards that you do not really use. You may even want to make an appointment with a consumer counselor for some guidance.

Next you would want to locate a loan: Perhaps your bank or credit union would be your first stopping point. Some people prefer to use a mortgage broker as they have a variety of lenders to match to your needs. A lot of home builders offer their own in-house financing. Your real estate agent is another source that can help you to find the right financing for you. It is wise to shop around for the best rates and also check out what fees are charged. Sometimes lenders will drop fees to become more competitive for your business. Obtain your letter of prequalification; it will speed up your purchase.

Give some thought to what you will want in a home. How large of a home do you want, what do you want your payments to be? Do you have a neighborhood in mind? Now that your home work is done, it is time to choose a real estate agent if you haven’t already done so and begin looking at homes.  After you make your choice, the contracts will be written and signed and you will move forward to a closing date.

With the equity you have in your home, you will be able to consider retirement in 30 years, falling back on the wise decisions you have made in becoming a home owner. Meanwhile, those who choose renting will still be in the same position they are in now…. Make your wise decision today, purchase a home.

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