STEP 1: DETERMINE HOW MUCH YOU CAN AFFORD
Before the house hunting process begins, it is important to know how much you can afford. Expenses to
consider include the down payment, monthly expenses, property taxes, and any home insurance costs. These
will all have to be considered before the home buying process begins as they are typically included in your
new monthly payment. Since a person's credit score determines their interest rate, knowing your score ahead
of time can help you decide if now is a good time to buy or not. An individual's debt-to-income ratio must
also fall within acceptable limits of the home's cost. Once you have determined these things, and if you
feel that your budget has enough room to afford a new home, then it's time to look for the right loan.
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