Deciding & preparing to buy - Property ownership is at an all-time high in America. In addition to low interest rates, more people are recognizing additional benefits such as, improved credit, tax advantages, and investment opportunities.

One key to a successful property purchase is proper planning. Anticipating requests ahead of time from lenders, lawyers, and a host of other professionals, will help keep the process on track and place you in a better position to act quickly when searching for properties.

Know what you want - Prioritize what is most important to you in a home because there is a difference between what you need and what you want. Be realistic when considering such factors as style & size of home, neighborhood, schools, cost, and proximity to areas of interest.

Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask yourself: “Why do you want to buy?” Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?

Know what you can afford - By determining this early in the process you can save a lot of time and frustration. Not only will you have a clearer idea of the amount you can spend, but you can also eliminate all those properties that are not in your price range. In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan).

Get a credit report on yourself to ensure your credit history is accurate; it's time to address any problem items or mistakes if you don't like what you see, before you apply for a loan. Several new loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs. Not everyone elects to purchase with little or no money down, less money down means higher monthly mortgage payments, as a result, the majority of homebuyers choose to buy with some cash up front.

Know you financial situation - Property purchases and financing are closely intertwined, financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.

Over the years new and innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down. Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time. Major purchases on credit cards or career changes should be avoided to ensure your financial stability in the eyes of mortgage lenders.