Are you hesitant to get buy a home now because you’re concerned about a lot of the negative news you hear related to the housing market? If you are truly ready to buy a home, don’t get discouraged because other people have a lot of opinions about where interest rates may be heading or whether or not more homeowners are expected to be underwater on mortgages or in foreclosure this year.

Analyze your situation carefully to determine if now is a good time for you to buy a home. Consider the following questions:

—Do you have a significant amount of money to use as a down payment on a home? To qualify for the best mortgage rates you should put down at least 20% of the purchase price of a home. The more you pay out of pocket now, the lower your monthly payments are going to be.

—Have you assembled a dream time of advisers to get you through the home buying process? A knowledgeable mortgage broker can help you find competitive mortgage deals from several lenders. You also should not get involved with any real estate deal without having a reputable attorney ready to review all the paperwork and contracts. What about a home inspector? You need someone who checks out a lot of homes and can inform you about any red flags with the property you are considering buying.

—Do you have a stable job? Although many people have lost jobs over the past couple years, the fact is that the majority of folks are still working. It’s important to have a steady source of income if you plan to make mortgage payments on time.

—Has your family outgrown your current living space? Whether you live in a small apartment or already own a home, it may be time to get a bigger place if you have a growing family. Whether you are expecting a child or have elderly parents moving in with you, purchasing a home may be a necessity to accommodate everyone.

Do not rush into purchasing a home just because you heard that mortgage rates might begin to rise. There are still plenty of deals to be had in the real estate market. Take the time to research the area where you want to live and to find the best mortgage package in order to make the home buying process as smooth as possible.