Back in the eighties, when interest rates were in the double-digits, the homeownership process opened more than our pocketbooks!
As twenty-somethngs and gainfully employed, one important goal was to own as opposed to rent. The qualifying process envoked an eye-opening experience. The 13percent interest rate on a conventional mortgage kept us from being approved for a loan. Further research and time allowed us to re-enter the market with higher credit and going "FHA." The FHA mortgage came with a 12 percent rate, although, the home did not come with a refrigerator. (what?) In those days, that was a condition on our first purchase.
Today, the thought of how to get to the point of purchasing and the power -- not a science, but maybe create lists of why and what piques your interest in the decision to buy a home/condo/property.
We are truly at an historic low for the interest rate compared to my first time entering the market.
So list the details, get your lenders' help and list, list, list what are the benefits of homeownership, in any order, just get thinking about it!
Science is about experimenting in a controlled environment and documenting results .
Housing is about experimenting in a controlled environment and seeing results!
Homeownership is not exactly a science, but not far from it!