Your parents did it. Your friends are doing it. But how do you know if you’re ready to buy a home? The decision to become a homeowner is a personal one that must be based on your life situation and finances. Ask yourself these six questions to determine if you’re real estate-ready. 1. Can I

If paying off your mortgage early is your aim, always ask if your lender allows prepayments, without penalty. You don’t want to pay toward the principal and get penalized for it. Also be sure your extra money is being put toward the principal, rather next month’s mortgage payment. That won’t reduce your interest payments. Starting to pay off

No one ever said moving was cheap — between security deposits (for renters), down payments (for buyers), and insurance for the move and your new place (for both), costs can stack up before you even make your first monthly payment. One more item on your budget? The move itself. According to the American Moving & Storage Association,

For years, we’ve been hearing about the marked absence of first-time homebuyers from the market. Millennials, in particular, have faced significant barriers to homeownership, including strict lending requirements and unaffordable prices. But experts point to a number of economic factors that suggest 2015 could be the year first-time buyers re-enter the housing scene. 1. Getting