[jhd815]

I bought my first house 4 yrs ago and I'd like to offer this advice:

1) Don't fall for ads that say you can own for the same price as renting. Many advertised monthly payments only cover the mortgage premium and interest. You will also have to factor in property taxes, private mortgage insurance (pmi) payments if you put down less than 20%, and homeowners insurance just to name a few.

2) If you buy a home which belongs to a homeowners association, be sure to read and understand the rules, regulations, declarations and covenants carefully. Many association communities have strict rules regarding fences, pools, landscape, decorations, parking, etc. Don't believe everything a salesperson tells you such as "if you don't like something the rules can be changed" or "oh don't worry about that, no one really follows that anyway".

3) Check your credit report and your credit score before seeking a mortgage so you will know what interest rates should be offered to you. Someone with excellent credit should be quoted better interest rates than someone who has poor credit.

4) Check with the county office in which the property is located to find out what to expect in terms of property taxes. I've seen people who wound up moving from a beautiful home (their dream) because they didn't realize the property taxes they would have to pay on their property.

Good luck! Owning your own home is one of the best investments you can make for you and your family.