3 Things to Know Before You Buy a Home
Posted by Chris Penny on
So you have decided to buy a home, and you have identified one that you love and you want to make an offer. You need to prepare yourself for the task ahead. The way you prepare yourself will make the process either a success or a failure. Here are three things to know before you buy a home and jump into the fray.
Determine What You Can Afford
You need to understand the home you can afford. The first thing to do is to determine your debt-to-income (DTI) ratio, which is the ratio of your expenses to what you earn at the end of every month. The aim is to help you understand how much you can pay in terms of monthly mortgage payments and remain with enough cash to survive on. Most lenders require you to have a DTI of less than 50%. Lenders understand how…
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