In addition to carefully looking at what you currently pay for housing (rent, utilities, etc.), what other factors should you look at to determine if you are ready to become a homeowner? Here is a quick list of other factors you should consider, all of which will be discussed in more detail throughout SmartEdge. This list does not set forth all of the requirements you must meet to qualify for a mortgage loan; rather, it is simply a list of factors that may help you determine whether you can afford to purchase a home.

• You have a continuing and reliable source of income that allows you to pay your rent or possibly a mortgage payment, on time, each month.
  

• You have a credit history that shows you're ready to take on the responsibility of paying back a mortgage and that will allow you to obtain a mortgage loan with terms that are acceptable to you.
  

• Your total debt is manageable and you can afford to take on the additional costs associated with homeownership.
  

• You have money saved to make a down payment and cover the closing costs.
  

• You are prepared to cover other essential costs of owning a home, such as property taxes, homeowners insurance, homeowner association fees, flood insurance, utility costs and mortgage insurance, as well as house repairs or other unexpected expenses.
  

• You are prepared for a new lifestyle -- taking on the responsibility of maintaining a home on a day-to-day basis, which includes repairing your home, updating or remodeling your home, mowing the lawn, developing relationships with your neighbors, etc.