| Unfortunately there are many home buyers out | | | | in the home buying process eliminate homes early on |
| there that don't have a realistic picture of how much | | | | so the buyer doesn't waste time looking at homes |
| they can actually afford to spend on a home. First | | | | they can't afford in the first place. |
| time home buyers often make this mistake and end | | | | By knowing what you can afford to spend on a |
| up wasting time and energy looking at homes they | | | | home eliminates the frustration a buyer may feel |
| can't afford. Not only do buyers get their hopes up | | | | when they stumble across the perfect home only to |
| but the hopes of the seller. There is nothing worse | | | | find out later through the home loan process that |
| than finding a house that you love and going to the | | | | they can't get financing for that amount. It is hard to |
| bank to get a home loan only to find out that the | | | | lower your standards after this happens. You have |
| bank will not lend you the selling price of the home. | | | | already made up in your mind the type of home you |
| Because, according to them, you can't afford it. | | | | wish to purchase. |
| When getting pre-qualified for a home loan it is | | | | No home is going to be perfect. Make a list of |
| important to remember that, typically, the loan | | | | features you have to have in a home and set |
| amount plus the taxes and insurance should not | | | | realistic expectations for what you can afford. Try to |
| exceed 28% of the family's total income. Also, the | | | | avoid making decisions purely based on emotion and |
| family's total debt payments should not exceed 36% | | | | impulse. Finding the right home you can afford may |
| of income. | | | | take time. Be patient, you will find the home you are |
| By avoiding delusions and getting pre-qualified for a | | | | looking for. |
| home loan, real estate agents can help home buyers | | | | |