The Power of Homeownership

For many people, owning a home is the American Dream. A place that's all yours where you can express yourself, put down roots, raise a family. However, many people don't think of their home as a giant piggy bank! But owning your home can also help you save money and build wealth. You may be able deduct mortgage loan interest as well as property taxes from your federal and state income taxes. So you get to keep more of the money you earn. In addition, if your home retains or increases in value, your monthly mortgage payment can be a form of savings that enables you to build equity in your home. That market value plus your equity is almost like money in the bank. You can borrow against it for future major expenses, such as college or home improvements.

A Little Homework Empowers You

Finding and buying your own home can be both exciting and a bit overwhelming! It may mean changing your spending habits, making sacrifices or tough choices. Therefore, before you can turn the key to your own front door, you'll want to get your financial house in order and educate yourself on the home-buying process. That knowledge allows you to do the following things:

• Feel confident about buying your home
• Help ensure that you are a good loan candidate
• Find the mortgage that's right for you
• Buy the home that fits your needs and your budget
  

The Steps to Homeownership

To help you on your home buying journey we've broken the home buying process into easy-to-manage steps. These steps help dispel common myths about home buying and give you information about the process and the people who you may meet along the way.

For more details on each step be sure to check out the Related Articles and Related Tools area on each page.

Since homeownership is an ongoing responsibility we've also included information and tips on managing your mortgage payments and taking care of your home.

Next: Step 1: Know Your Creditworthiness