Monday, February 4, 2013

The Path to Owning Your First Home



The home buying process can be overwhelming for a first time buyer.  Over the next few days I will be outlining the process along with key things to consider as you begin the path towards becoming a home owner!

The Path to Owning Your First Home: Day 1



The first step in the home buying process is figuring out how much you can afford.  Obviously you don't want to start searching for a $500,000 house if you can only afford $300,000.  The accepted formula for how much should be spend on a home purchase is 3 times your annual income.  If Math isn't your forte here is an example:  If you are married and your combined household income is $80,000 then you should be able to purchase a home worth $240,000.  Of course there are other factors that play into this number but we will get to those in a day or two :)


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