Buying a House 102

In spite of the state of the housing industry and the state of the economy, which may be getting better but has not yet balanced out completely, it is entirely possible to buy a house right now.  As we saw in the last post, you simply need to be smart about it.  One way to do that is by saving.  You need to start saving even before you have picked out your dream house.  Why?  I have three words for you: the down payment.

The more you can save up for your down payment, the better.  The real estate market and the lending industry are in as dire straits as everything else.  It is harder than ever to get approved for a loan.  One thing is for certain, however: the bigger your down payment, the better.  You also need to start thinking about the bank you intend to use.  If you are interested in a few, then make it a top priority to see what their individual requirements are.  You also need to remember how important it is to choose a house based on your budget.  Your needs and wants are important, of course, but you need to do all that you can to find a house that you like which you can also afford.

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