(StatePoint) Buying a home might be the most significant financial decision you ever make. By understanding these eight key steps in the process, you can move forward with confidence, clarity and long-term success:
1. Understand what you can afford. Understanding your finances may not be as fun as house hunting, but it’s necessary for determining how much you can afford. Most lenders suggest spending no more than 30% of your monthly income (before taxes are taken out) on mortgage payments, including principal, interest, taxes and insurance. Your credit, current interest rates and closing costs also impact what you can afford, so take these factors into consideration. Freddie Mac’s Homebuying Budget Calculator is a useful resource during this step in the process.
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.