I’m a first-time home buyer. How do I know how much I can afford?

Posted by under First Time Home Buyer

This week’s featured Answer from the Ask the Pros section:

“Many first time home buyers and many are unprepared and surprised when they find out that they could have afforded much more, or in some cases, much less.

  • Sit down with a full time real estate agent who will explain the process to you and go through all associated costs involved.
  • Work out all the numbers with your agent or a mortgage specialist so you have a clear picture of what your monthly costs will be and the debt load that you will be carrying.
  • Be sure you understand the value of the house today, its potential value in the years-to-come and future earning power.

Be careful not to burden yourself with too much initial debt that will not let you enjoy your current lifestyle!”

View the original post and see other REAL answers posted to this question.

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