8 Tips for Renters Who Want to Become Owners

  1. Set a budget and keep to it. It will save you money and be good practice.
  2. Save a sizable down payment. (20 percent is a good goal)
  3. Have a reliable source of income.
  4. Have some savings – just in case of emergency.
  5. Limit your debts.
  6. Make sure your credit is good. It will help get a good mortgage rate.
  7. Make a long term commitment. You’ll want to stay at least 3 years.
  8. Be ready to be the landlord. There will be no one to call to fix it for you.

For more details, visit Kiplinger’s Personal Finance web site.
http://www.kiplinger.com/personalfinance/columns/
starting/archive/2006/st0727.htm

(Category: how to buy a home)

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