Are you thinking about buying a home? If you are, then you likely have about six thousand questions surrounding the home-buying process, including aspects like home loans and how much you can afford. These are also some of the questions the attached video addresses, and questions that many people in the market to buy a home commonly ask. The good news is that buying a home today is as easy as it has ever been. The bad news is that there is still a lot to understand and figure out, beginning with those aforementioned home loans and affordability questions.
The baseline rule for homeowners, or the “rule of thumb” that most experts suggest, is that your mortgage does not exceed 30% of your income. Like many things when it comes to buying a home, however, there is more to this scenario than what the numbers tell. What those mortgage rates don’t include are all the countless expenses that come along with owning, maintaining, and caring for a home. That also means that just because a bank approves your loan, it doesn’t always mean that it is a home you can afford. So be sure you do all your math, that you understand the home-buying process, and that you get a home that doesn’t leave you broke.