Buying your first house or home

 

Buying your first house or home  is a challenging and motivating task for any person in the world. Home ownership is a lot more expensive than renting. You are responsible for paying for all the repairs. You may also have added utility costs, such as garbage and water. In addition to that you will need to pay for taxes and insurance related to your home.

 Second you should begin to shop for a loan. You need to get preapproved before you shop for a home. This will help you to look within your price range. You should contact at least three people before you decide which loan to take. A mortgage broker will look at several different loan companies to find you the best rates. Your entire mortgage payment should be no more than 25% of your gross income. You can stretch this up to 28% if you have no other debts at all. If you are taking out two mortgages (80/20 or 80/15) then you need to combine these payments to find out if you meet the criteria. Your total monthly debt payments (including the mortgage) should not exceed about 33% of your gross income. Before you buy you need to make sure that the home passes all inspections.