Photo by 401(K) 2012
Your Financial Picture
You first need to think about how much of a mortgage payment you can afford. Generally, your monthly income should be about three times more than a mortgage payment would be. Along with your monthly income, think about your current bills. Can you handle your current bills along with a brand new home?
One of the first things you want to do is make sure you have a good handle on what you can afford in a mortgage, and will not stretch you financially. If you are dealing with poor credit or a low savings account, take care of these prior to applying for a home loan. You will be far more prepared and will look better as a loan candidate.
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