Determine your housing needs.
How long do you intend to live in your new home? Will you be
starting or adding to your family? Do you have any special requirements such as
proximity to stores, public transportation, recreation facilities, etc.? These
are the sort of things you should consider when deciding what kind of housing
you will need--not just now, but also five years from now. Remember, if you
intend on moving again relatively soon, you should get a shorter term when
choosing your mortgage.
Figure out your finances.
That means determining how much money you can raise for your
down payment and how much you can afford to pay on a monthly basis. Go to a
lender to find out the size of mortgage you qualify for and get pre-approved.
Better yet, use a mortgage broker to find you the best mortgage rate possible.
When calculating the costs of home ownership, remember to plan for homeowner's
insurance, property taxes, private mortgage insurance (if required), utilities,
repairs, and maintenance.
Ask Questions!
There are
no dumb questions. NOT asking questions is dumb.