Buying a house and turning it into your home is something all Americans dream of but are you really ready for such a large purchase? There are a few questions you need to ask yourself when it comes to the major home buying decision. - Is my income steady?
- Do I have enough money for a down payment and other fees such as closing costs?
- Do I know how to properly budget my finances?
- Do I have a clear understanding of what owning a house means regarding ownership costs and fees?
- What is my debt to income ratio? (This can be calculated by taking all you monthly debt payments and dividing it by your total monthly income. If you are under 50% you are in better standings to be approved by a lender. From here you can also see how much you will be able to borrow by using such tools as this calculator: http://aapexfinancial.net/loancenter-calculators-prequalify.aspx)
By asking yourself some of these questions you will be able to better understand if buying a house is not just something you want to do but a smart investment choice as well.
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