Tips and Financial Advice for Buying Your Home

The first step for a person considering their first home purchase is to learn everything possible on the subject of mortgages and home-buying. For instance, it is important to know that having a mortgage does not always cost less than renting because a homeowner must take into account both recurring and one-time expenses, such as local and school taxes, maintenance expenses, property transfer duties, and legal costs. After discussing assets and liabilities with a trusted financial institution, set an acceptable debt level. This should not exceed 40 percent of the buyer’s gross revenue, including all existing debts. Make sure to have enough savings set aside for a down-payment. Lastly, have the house inspected before making an offer to buy, because once the offer is accepted the homebuyer is obligated to follow through. | Read More