Do you know what to do before you purchase a home? See what Jason Terhune, a sales manager at Residential Home Funding suggests should be your first move!
When getting pre-qualified to purchase a home be mindful that Lenders qualify based on gross income. Assess your overall current housing expense against your NET income (take home pay). When evaluating the amount you are eligible to borrower reconsider this amount against your net income to ensure you are comfortable with your new housing expense. Home ownership is an important responsibility that entails new kinds of expenses such as property taxes and Homeowners Insurance. Be sure to incorporate these costs into your Housing expense against your net income. This will guarantee the afford ability of your new home!