Buying your own home is one of the largest purchases you will ever make. What should you do to get ready?
The key to a successful home purchase is making your choice through your finances, not your emotions. This takes research and patience. Here are five steps that can help you make a good decision.
1. Decide how much you can afford.
You should look at your finances in order to determine how much you can afford to spend on a home. Look at your income, assets and current debt level. You aren’t looking at what percentage the lender says you can afford, you are looking at what your finances dictate. If your lender says you can spend $1,200 a month, but you know you are struggling with a rental of $1,000 a month, you probably know that you don’t need any more than you already have.
You should also consider the down payment and closing costs. Lenders are usually looking for a 5% to 20% down payment.
Don’t overlook other expenses, such as property taxes and homeowners insurance. Your total interest, principal, taxes and insurance payment should not exceed 28 percent of your gross monthly income according to lenders. Your total...
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