A first home really is like a castle. It’s something you dream about and picture in your mind even before you start home shopping. It’s also like a castle because it can be surrounded by barriers to entry, like a castle’s moat.

Fortunately, for savvy young homebuyers who do their homework up front, this could be the best time to buy. The housing market is in a definite slump and that has caused prices to come down considerably, making home ownership a reality for motivated homebuyers.

How do you know if now is a good time to buy? First, start by assessing your financial situation. How is your credit rating? Do you have enough savings for a down payment and other miscellaneous expenses like property taxes, insurance and closing costs? How secure is your employment and are you likely to be transferred any time in the near ready for the responsibility of home ownership – paying utilities, doing yard work and general home repairs? All of these things should be considered when deciding to purchase a first home.

If you’re comfortable with all of these questions, your next step should be to get yourself prequalified for a mortgage at a bank or mortgage lender. A good banker can give you the range in price that’s right for you. This will give you the added confidence that you are making a good decision and won’t be getting in over your head. Qualifying for a home loan can be a bit more challenging in today’s tight credit market, so it pays to get professional advice.

Next, you’ll need to decide where you want to live with your price range in mind and the size of home and features you are looking for. A local, qualified realtor can help you narrow down your selections and help you get the most home for your money. If you’re handy with home repairs, you may be able to pick up a home that just needs a little attention that will pay you back in years to come.

Once you’ve found a home you will need to determine the kind of mortgage that best suits your needs. Again, this type of decision is best discussed with your banker or mortgage lender. They can help you determine the right type of mortgage given your situation – how long you plan to stay, the amount of down payment and monthly payment you can afford, etc. This is a decision that shouldn’t be taken lightly as you’ll be making the financial commitment for a long time and making each payment on time is important to building your credit rating for years to come.

Fifth Third Bank welcomes you to stop in any of its banking centers to discuss buying your first “castle.” Even if now isn’t the right time for you, you’ll learn what it will take to get you on the right path to home ownership. We’ll help you cross that moat one puddle at a time.