Home ownership is the American dream and you are about to embark on an exciting process.   Mortgage rates are currently favorable and there are an increasing number of mortgage options to make the dream a reality for you.  One of the main advantages of home ownership over renting is that your interest payments are tax deductible (ask your tax advisor for more detail). Further, your home will be one of your largest assets and most likely will appreciate in value over the life of your ownership.