Finding the right home
Before you begin looking for your new home, talk with your real estate agent about what you want in a home, why you want to buy a home and where you'd like to live. Also, consider sharing information about your lifestyle to help them help you.
Ask yourself: Do you need to be near public transportation? Do you want a yard? Do you need to be within a certain distance from your job? What do you want from your community? The answers to your questions will guide you home.
Where do you want to live?
You’ve probably heard the first rule of real estate — location, location, location. It's a key factor in determining how much you can afford, how long your commute will be and your designated school district. When determining where you want to live, ask yourself:
What type of home is best for you?
If you're in the market to buy, you need to decide what type of home you want. Each type has its advantages and disadvantages and the right one for you will depend on your finances, lifestyle and stage of life.
Your home wish list
Once you decide what type of home you want, you should determine your "must-haves" and your deal breakers. Think about your household now and how your needs may change in the future. It is easy to get overwhelmed with so many possibilities so consider creating a homebuying wish list to help you narrow down your choices.
Both your finances and lifestyle will play a big role in determining the type of home that's right for you. Stick with the “must haves” that are most important to you and work with your lender to stay within budget.
Tools and Resources
Calculator: Rent vs. Buy
Understand the financial differences between renting and owning a home.
Video: Budgeting for your home
These four things largely determine how much home you can afford.
CreditSmart® Homebuyer U
Learn about finding the right home or get a homeownership education certificate.