1 / 1100%
The process in buying a paying for a home can be a bit daunting at times and is
nothing to be taken lightly. Good advice before buying a home is having good credit
and good credit history. Also, know what your debt to income ratio is along with what
your budget it for the home purchase. You might be able to make a monthly
payment but you want to make sure you are not going to be "married" to it and not
be able to afford anything else. A good sound figure is that no more than 28% of
your GROSS income should go to a mortgage, that way you have enough money to
pay your bills and have money for extracurricular activities and savings. You also
need to keep in mind that you are going to need money to put down on a home, so
having a savings set aside that is for closing costs, a down payment, inspections and
appraisals is crucial. To build and maintain a positive credit history, you need to have
good payment history as in no late payments and your debt to income ratio needs to
be at a sound level that a bank would approve. My husband and I have bought two
houses, my husband helps financially but I am the one that does all the work with
the lender and gathers any information that they may need so I am very familiar
with what it takes to purchase a home. I am looking forward to diving in deeper to
the subject matter and learning more about the home buying process and any other
tips and tricks that may be out there.
Students also viewed