While I own a primary residence and a second home, I remember vividly buying my FIRST home. It was difficult not to be tempted into excess when first-time home buying. My real estate agent showed me a condo that was really more than I could afford (I loved it) and I had to be strong to stay within my budget. Here I am now, the president of a mortgage company, telling people to buy LESS home. Proof that we ultimately want customers to get to a better place financially. Here are a few tips on making sure you buy a home you can really afford to live in:
How do you know what you really can afford? Work backward. Look at what you are paying in rent. Can you afford to pay more? Do you need to pay less? Consider that a mortgage payment will also include taxes, then assess the monthly payment from there.
Where do you want to live? You may not get exactly what you want as a first-time home buyer, but you should be armed with knowledge about neighborhoods, school districts or any other factors that are important to you.
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