It is the American dream to own your own home, whether it be a house, townhouse or a condo.  We save our money for a down payment if we haven’t owned another home before.  Usually, more Americans start off on a smaller scale to in order to build equity, and then their family begins to grow or they just desire a larger home in a different neighborhood.  But, there could be a host of reasons as to why a person would want to sell their existing ownership.  

As we all know, there is so much to consider when purchasing a home.  Will this new house be affordable?  What type of budget has been planed out?  How much more will the monthly expenses be, such as the real estate taxes and travel expenses?  How much more with the electric bill be?  If the house is larger, then of course the electric bill will be more expensive.  Do we want natural gas or a heat pump system?  Do we want a “fixer-upper” or a new house?  There are all major factors in home ownership.  

Then comes the time in finding the right mortgage for you, if you have an existing house to sell and when sold you will have the equity as a down-payment.  There are so many mortgages on the market today, that offer “0” down payment.  Then there are mortgages if you are a veteran’s, you can also find mortgages that require anywhere from “0 to 20” percent down payment.  The more you have for a down payment the lower your monthly payment will be.  But, the American dream is always obtainable you just have to find the loan that best fits your budget and you will be living your dream!