Wanting to buy a home and being financially ready to buy a home arent quite the same thing. Your financial situation will affect the process, so you are better off assessing your situation objectively yourself. Here are some of the key factors to know: Do you have the financial resources for the up-front costs of down payment and closing? Do your other debts and commitments leave enough cash flow for mortgage payments and the other costs of ownership? Do you have a steady source of income, such as a job? Is your employment history, particularly in the past few years, stable enough for a lender? Have you met previous debts and obligations on schedule? These questions will come up, and your answers will be verified in the loan process. If you are positive about most of these things, then you are probably in a good position to start looking in earnest.

Buying a home is so complex that getting started may be intimidating. Ask yourself some basic questions before getting deeply involved. Are you prepared financially and emotionally to make the long-term investment and commitments involved? Are you clear on your budget, both up-front costs and monthly costs? Have you discussed the things youre looking for in the house — space, rooms, features and the rest — in advance? Have you narrowed down the places that you think will fit your life? You will find it easier to get started after being clear on these key factors; writing them down may even help you stay objective through the many decisions to come.