Mortgage rates are expected to remain historically favorable. 2013 saw historic lows on mortgages. Rates are expected to increase in 2014, but given the economic outlook should remain on the low end of the scale.

Inventory should remain steady. Purchasing a house had the potential to be a daunting task with the low supplies in 2013, but the stabilization of the housing market should make it a little bit easier to find your next home.

Additional housing safeguards. 2014 will mark the start of several new regulations to the housing market that are designed to protect both the lender and the homebuyer. One such regulation will help prevent lenders from borrowing what they cannot afford by limiting what is considered a "qualified" loan.

Owning can save you money. Between homeowners tax credits and the resale value of your first home, owning usually makes more financial sense if you can afford it.

Additional freedoms. As a homeowner you will have the freedom to make changes to your home as you want, and when you want. Most renters do not have these freedoms.

For more information on becoming a first time homebuyer, visit

www.PriorityMortgage.com