|
The "experts" will tell you how much house "you can afford". But only you know your comfort level for debt, your discipline for budgeting, and your personal needs. Don't let them talk you into something larger than you can comfortably live with.
Make sure you have a solid down-payment saved - many of the folks who got in trouble were those who couldn't save and only put down 1-2%. And the old standby still stands - you should always have at least 3 months' salary in savings that's not part of your down-payment in case of emergency.
Ask questions and take notes. Make sure you understand how your mortgage works. I'm in central Ohio and I know of a few places that will offer "first time homebuyers" seminars - they help people learn the basic vocabulary. There are some online as well, for those who aren't free when the (typically early evening) classes are offered.
|