Real estate agents and mortgage brokers can help you only so much when you want to purchase a house. I see many people trying to purchase without significant cash reserves. I sell a lot of bank-owned property, and the homes themselves tell the stories. Some are paused partway through the renovation projects, and some show defered maintenance- the homeowner couldn't keep up with the day-to-day requirements of the property. Then there are some that show nothing at all, indicating that something unusual and sudden may have happened forcing the inhabitants out- a death, a divorce, a job loss.

A little time preparing can go a long way toward circumventing situations that would force the loss of your home. I would suggest, for starters, having enough money set aside- money that you won't touch- to cover two months of mortgage payments. Six would be even better. The best time to buy isn't when mortgage rates are low, and inventory is high. It is when you are ready.

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