Thinking of buying a home?

Joe Joseph, senior mortgage banker for Summit Community Bank writes "Rates are at historic lows coupled with the housing market at historic lows and it is a perfect time to buy a new home.  There are a few zero down programs and many low down programs that make it easy to buy a home.  We offer a 5% down, no monthly PMI program that saves $1000’s over the first 5-7 years.  Strapped for cash?  Take a look at our no closing costs option as well.  Don’t miss out on one of the best environments to buy or refinance a home."

Do you think that you're ready to buy? Here are a few questions to ask yourself to know if you're ready to jump in:

How long will I own it for?

Most people who are buying homes today say that they see their home as an investment. Spending more time in your home should give you more time for it to appreciate, as well as give you more time to do improvements throughout the house.

Can I afford it?

This is a big one. You want to make sure your investment is secure. It may not seem like a problem to have to tighten your spending in order to afford your home, but if its cutting into your lifestyle or other expenses you've come to see as normal, it may be a bigger burden than anticipated. Make sure you take a good look at what you are approved for and then see what it is you can afford. Make sure the decision you make is a smart one for you.

Have I done my research?

Have you looked into the neighborhood? School systems? What shape the house is in and what repairs will need to be made? Make sure you are aware of all aspects of your investment before you take the plunge.