Many people recognize that now is a good time to buy a home. Prices are low, and mortgage interest rates are at low levels unseen for 50 years. However, we are in a recession, and your personal economy needs to be considered before you make the leap to buying a home. Credit Card Pundit offers 5 helpful items to keep in mind as you consider buying a home during a recession:

1. Consider housing costs. Sometimes we forget that there are a number of issues to consider in terms of housing costs. These costs can include maintanence and taxes. These costs can quickly put your housing costs above what you originally thought.

2. Can you make a long-term commitment? When you buy a home during a recession, you have to realize that flipping it is not an option. Be sure that you can make a long-term commitment.

3. Think of your needs. Figure out what works best for you, and consider such items of proximity to schools and other facilities. And, of course, make sure you think about cost.

4. Realize that what you want may not be what you need.

5. Shop around for your mortgage. There is no reason to take the first offer you get. This recession means that mortgage lenders should be trying to court you. Shop around and look for a good deal.