In this Saturday, Jan. 5, 2013, photo, a sale pending is outside a home in Mount Lebanon, Pa. After years in the doldrums, the housing market appears back on track. Home sales and prices are up, and mortgage rates remain near historic lows, reinvigorating the appeal of homeownership. But qualifying for a home loan remains a hurdle for anyone without a solid personal balance sheet. (AP Photo/Gene J. Puskar)
News Summary: Preparing finances to buy a home
Published: 10:59:04 PM, Wed 27 February 2013 UTC
HOMEBUYING HURDLE: The U.S. housing market appears back on track, with home sales and prices rising, and mortgage rates still near historic lows. But qualifying for a home loan remains a hurdle for anyone without a solid personal balance sheet.
WHAT TO DO: A thorough financial evaluation is critical in assessing whether one can afford the added costs of homeownership and qualify for a mortgage.
MORE TIPS: Experts recommend buyers start saving money for a 20 percent down payment to get the lowest interest rate. Also take steps to boost your credit score well before applying for a loan.
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