Owning a home is sometimes described as the American dream, and it may be a dream you share. Homes can provide a sense of belonging and become the center of family traditions.

Owning your home — whether it's a house or a condo — can also be a smart move financially, since you're buying a valuable asset with the money you spend for shelter. Some day, if you decide to move, you may be able to make a profit by selling your home for more than you paid to buy it.

Because few people have enough money on hand to cover the full purchase of a home, most pay a portion with money they have saved and finance the rest with a mortgage, or long-term loan. The more you know about what mortgages cost and how to qualify for one, the more comfortable you'll be about taking this big step.