Home ownership is becoming a reality for more and more Americans. While the US home ownership rate continues to set new records, many Americans still don't realize that home ownership is within their grasp.

A home is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community. To become a first-time homebuyer, you need to know where and how to begin the home buying process.

Are you ready to buy a home?

To find out if you're ready to buy a home, start by asking the following questions:

• Do you have a steady source of income (usually a job)?
• Have you been employed on a regular basis for the last 2-3 years? Is your current income reliable?
• Do you have a good record of paying your bills?
• Do you have few outstanding long-term debts, like car payments?
• Do you have money saved for a down payment?
• Do you have the ability to pay a mortgage every month, plus additional costs?

If you can answer "yes" to these questions, you're probably ready to buy your own home.

Taking the next step

Start by thinking about your situation. Are you ready to buy a home? How much can you afford for a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a 'To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.

The Internet is another excellent place to start the process of finding a home. Sites like HomeGain make it easy to find, sell and buy homes in almost any part of the country - including your own community!

Stay the course and reap the benefits!

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep - all of which can be substantial. But given the freedom, stability, and security of owning your own home, they're definitely worth it!

The Internet is a good place to start searching for a mortgage loan because it's easy to find information on interest rates and to get free, no obligation quotes from several lenders.

Here are some recommended starting points:

Ameriquest
Ameriquest is America's leading direct sub-prime lender and a frequent advertiser both in print and on television. Fill out Ameriquest's fast
one-page prequal application for a free, no obligation mortgage or
refi quote.

Low Cost Lending
Fill out LowCostLending's easy one-page form and let up to four
lenders compete for your business. Over 10 million borrowers
since 1996. Free rate quotes — no obligation, no credit check.

Full Spectrum Lending
This member of the Countrywide family helps homeowners consolidate bills, lower monthly payments and get cash fast for their home's equity. Free, no obligation quote and quick one-page form.

The bottom line: Be sure to get a quote from several different lenders. Once you know what each lender has to offer, negotiate the best deal you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even
if those consumers have the same loan qualifications.

Don't be afraid to make lenders and brokers compete with each
other for your business by letting them know that you are shopping for the best deal!