Whether its a real walk-through or a virtual walk-through, theres no substitute for seeing a prospective home. Keep your own list of requirements in mind, but also size up and record these things about each: Do the numbers of bedrooms, offices and bathrooms meet or exceed your requirements? Do the other rooms and features provide the space you need now and later? Will your furniture fit, and fit well? Does the structure look solid? Are appliances, heat/AC and other systems in good working order? Are there obvious outstanding repairs? These might be negotiated in the purchase process. How do yards, decks and garage spaces stack up against your needs? You may save time by measuring and recording the results, especially for key rooms or those that are questionable fits. It can be especially helpful to envision the place in very different seasons. What will this be like in snow? Rain? Heat? Save yourself time by "keeping score", with consistent notes and measurements for each place that youre really going to consider.

Buying a home and renting a home are quite different in the long run. Monthly cost is only part of the picture. Renting does not involve the long-term financial commitments of buying. Renters generally have less responsibility for maintenance. These short-term advantages can cost long-term leverage, though. Renters do not build equity (ownership); where part of each dollar a homeowner pays in a mortgage is coming back to them in equity, rent payments are purely an expense. Home owners also have tax advantages not available to renters. Individual situations aside, home ownership has historically been financially advantageous. The costs — insurance, taxes and upkeep — are generally outweighed by the freedom, security and stability of ownership over time.

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.

Mortgage transactions involve taxes, escrow funding and some pre-payments. These costs should be considered in mortgage decisions. They include: Escrow funding, which is frequently required. Escrow funding covers future annual charges such as property taxes, homeowners insurance and mortgage insurance. Recording fees, which government agencies charge for keeping records defining legal ownership. Transfer taxes, which may be levied by municipalities, counties and states for handling the transfer of ownership records. Prepayments, which can include: Homeowners insurance premiums Mortgage insurance (if required) Property taxes for some months, in advance Prepaid interest, for the period from closing to 1st mortgage payment. These costs can vary between Loan Estimate and Closing Disclosure. Ask your lender about the tolerance rules, or watch related videos here.