How dofigure out my budget?

Before looking for you dream home there is some necessary homework that needs to be conducted. Knowing your personal budget is a necessary first step. The information below does not factor in student loans or other financial debts you may have. It would be a good idea to speak to mortgage professional to before viewing any property to come up with an effective budget. 

Know your credit

Credit is a very important factor in the lending process. It is one of scales they use to calculate the risk in lending funds to individuals like you. The better your credit the better lending terms will be provided by the bank or lending institution. The higher your interest rate the higher your monthly expenses will be. This directly effects what you will be approved for. 

TIP: If you are ready to purchase a home soon it would be a good idea to NOT change jobs, make large purchases, lease a car, or tie up liquid funds in long term investments.