Setting a house budget is crucial in the Southwest Florida home buying process
For most first-time homebuyers, one fact becomes apparent while browsing for homes online: houses are one of, if not the most, expensive purchases you’ll make in your lifetime. This is why setting a house budget is crucial in the home buying process. Even more modest purchases, like a new car, will require you to examine your bank account, debt and income. With a home purchase, this financial evaluation gets stepped up a notch.
Determine a Budget
Your monthly housing expenses should not exceed 28 percent of your total monthly income.
Your total debt payments should not exceed 36 percent of your household income. This total debt number includes things such as your car payment, mortgage, and payments toward your credit card debt.
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