Buying your first home is one of the most exciting, and stressful times in your life. This is probably the largest purchase you have ever made! Here are 5 of the most important tips for first time home buyers.
Stay Within Your Budget
A mistake that a lot of homebuyers make is finding out the maximum amount of money that they will be approved for, and spending all of it. Just because a lender would be willing to loan you a certain amount of money, does not mean you should borrow that much.
Sit down and make your own monthly budget, and figure out how much money you would be comfortable spending on a mortgage each month. How much you are willing to put towards a mortgage will depend not only on your income, but also where your money goes each month.
If a considerable amount of your paycheque goes to entertainment and dining out each month, you should consider that while doing your budget. The last thing you would want is to be able to afford your mortgage payments but not the things you enjoy doing! Continue reading