You've been hearing for months now that it's a good time to buy a home. Interest rates and prices are low – making it a favorable market for first-time buyers. There's a lot to think about when buying your first home, but it doesn't have to be overwhelming. By going into homeownership prepared, you'll be assured you're making a wise decision. Ready to make the homeownership plunge? Here's how to get started:

• Think about your budget. Decide how much home you can comfortably afford. Typically, your monthly payment should be no more than 33% of your gross income. Create a budget with your new house payment included and try it out for a few months. Bank the difference and not only will you see what paying a mortgage will be like, but you'll save some extra cash too!
  
  
• Pay off debt. The less debt you have before purchasing a home, the better. Lenders won't usually allow your monthly debt service – such as credit cards, student loans and auto loans – and your house payment to exceed 40% of your income. Plus, your mortgage interest rate will be based on your credit score. If you pay off some debts, your score will likely rise.
  
  
• Save for a down payment. 100% financing is becoming harder and harder to find. Saving for a down payment will allow you to qualify for better interest rates, afford more home and start out with more equity. You may also want to consider Federal Housing Administration (FHA) financing. MAFCU is now approved to originate FHA loans.
  
  
• Get pre-approved at Mid-Atlantic FCU. Once your finances are in order, come and see us or call Glen Lazovick at 301-944-1753 to learn about the many mortgage products we have to offer.