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In addition to saving for a down payment, you’ll need to budget for the money required to close your mortgage. Closing costs generally run between 2% and 5% of your loan amount. You can shop around and compare prices for certain closing expenses, such as homeowners insurance, home inspections and title searches. You can also defray costs by asking the seller to pay for a portion of your closing costs when you make an offer. Calculate your expected closing costs to help you set your budget.

There are many first-time home buyer programs available and government loan programs that enable buyers to get into their new home with 3.5% or less down.   Be sure to talk a mortgage broker or take a First Time Homebuyer class to educate yourself.  You may be able to get into a home and start building equity sooner than you think.

Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible. The best time to buy is when you find your perfect house and you can afford it.  Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.

There is a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Be sure to do your research: Learn about junk fees, processing fees or points and make sure there aren’t any hidden costs in the loan.

If you have little saved for a down payment or your credit isn’t stellar, you might have a hard time qualifying for a conventional loan.  You might assume you have no financing options and delay your home search. Consider looking into one of the three  government-insured loan programs  backed by the Federal Housing Administration (FHA loans), U.S. Department of Veterans Affairs (VA loans) and U.S Department of Agriculture (USDA loans).  Here’s a brief overview of each: FHA loans  require just 3.5% down with a minimum 580 credit score. FHA loans can fill the gap for borrowers who don’t have top-notch credit or little money saved up. The major drawback to these loans, though, is mandatory mortgage insurance, paid both annually and upfront at closing. VA loans  are backed by the VA for eligible active-duty and veteran military service members and their spouses. These loans don’t require a down payment, but some borrowers may pay a funding fee. VA loans are offered through private

It’s not wise to make any huge purchases or move your money around 3-6 months before buying a new home. You don’t want to take chances with your credit profile. Lenders need to see that you’re reliable and they want a thorough paper trail so that they can get you the best loan possible. If you open new credit cards, accumulate too much debt or buy too many big-ticket items, you’re going to have a hard time getting a loan.

Radon testing is the only way to know whether your home has high levels of radon, a radioactive gas that can cause lung cancer over time. Here's what you need to know about radon testing and reducing radon levels in your home. 1. What is radon?  Radon is a colorless, odorless radioactive gas that’s produced by decaying uranium. It’s present in nearly all soils, and very low levels of radon are found in the air we breathe every day. 2. Why is radon a problem?  The problem occurs when radon gas enters your home and gets trapped. Long-term exposure to high levels of radon can cause lung cancer. The Environmental Protection Agency estimates that lung cancer caused by radon exposure kills about 21,000 Americans every year. 3. How does radon get in your house?  The radon gas moves from the soil into a home. Although it can seep directly through pores in concrete, the worst entry points are gaps in walls and floors (see picture above). Any house, of any age, in any state can ha

A major appliance should never be an impulse buy.  Pinpoint the best moments to buy, on and offline, and you can save yourself some money! When it comes to landing bargains on major appliances, timing is everything. And the best time to buy home appliances is when stores need you more than you need a new home appliance. Generally, that means you can get more value for your money: September, October, and January when manufacturers roll out new home appliance models, and retailers are eager to move last year’s inventory. (Refrigerators are the exception. New models come out in the spring.) Last days of the month when stores are desperate to meet quotas and are more likely to dicker over prices. Thursday , the day before the weekend rush when aisles are less crowded. Major holidays -- Labor Day, Memorial Day, President’s Day, Black Thursday (Friday, Saturday) -- when stores take advantage of your day off and slash prices. Fall and winter are the best seasons to buy air