First Time Homebuyers

The information you need to help you buy your
first home.

Home ownership isn't for everyone. It's a long-term commitment. Home values should increase over time, but usually at a slow rate. With all the financing, closing costs and other expenses associated with purchasing a home, if you don't plan to stay in an area long, you could end up losing money if you sell. It may be in your best interest to rent if you need the flexibility of a short-term contract.

You also have to think about the upkeep of a home. Everything from cutting the grass to putting on a new roof is your responsibility. The costs can really add up. Then add taxes, water and sewer bills and other expenses and you can get into some sizable payments. On the other hand, when you take full financial and maintenance responsibility for a home, it's yours to do with what you like.

There are also several financial advantages to owning a home. The part of your monthly payment that goes toward the principal is all equity and the part that goes toward interest could be tax deductible1. Compare that with paying rent, which is neither an investment nor a tax advantage.

Still not sure if you are ready to buy a home? Use our calculator toCompare the costs of renting vs. buying.