Be realistic when setting a budget. Just because the bank pre-qualifies you for a loan amount of $400,000 doesnt mean you can afford to make that payment every month. Before hitting the streets for a house hunt, you should sit down and make a monthly budget of what you spend every month. Come up with a number that you are comfortable spending on your mortgage payment, aside from those other expenditures. An easy way to do this is to take a third of your gross income and have that figure be the number you spend on the house. It is also a good idea to have six to nine months of mortgage payments in the bank, plus a little extra if you have any repairs that you might need to do. -HGTV
Posted on: Wed, 07 May 2014 15:42:33 +0000
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