Right now, mortgage rates are low (although they have been on the rise), and the government is offering some great incentives for homebuyers. This is temptation to go out and buy. However, if you are thinking of buying a home, it is important to make sure you are really ready to do so. Good Financial Cents points out that just because the housing market is in the buyer’s favor, it is not a reason to buy. Don’t buy just because you think it’s a good idea; you should buy when you are financially able to do so.

Joe Plemon offers three things on Good Financial Cents that you should do in order to get ready for buying a home:

1. Get out of debt. If you have a lot of debt, adding a mortgage payment could tip you over the edge. It is important that you have a minimal amount of consumer debt when you buy a home.

2. Build an emergency fund. With home values as they are, you won’t be able to tap your home’s equity to pay for unexpected expenses. An emergency fund is an important part of responsible finances — one that should precede buying a home.

3. Figure out how much house you can afford. There are a number of methods you can use to figure out your mortgage payment. Don’t forget that taxes, interest and possible PMI will be included. Be realistic about the house you can afford to buy.

Not being financially ready to buy a home is part of what has resulted in the present housing market crisis and recession. While it might be tempting to buy right now, purchasing a home is a big step. You want to make sure you are ready for it.