HOW TO BUY A HOUSE 2022 | Home buying process explained | Park City Real Estate Agent
🟣In This video I break down the home buying process from begin to finish in 11 steps!🟣
Are you ready to buy a house? How much can you afford? Answering that second question may not be so simple. Before you snap up that seemingly great buy on a home, learn how to analyze what “affordability” means. You’ll need to consider various factors ranging from the debt-to-income (DTI) ratio to mortgage rates.
Determining your debt-to-income ratio (DTI)—more specifically, the front-stop DTI—is an important factor in getting a mortgage.
Beyond the property’s price tag, a host of other financial and lifestyle considerations should figure into your calculations as to whether you can afford to buy a house.
You should also evaluate the local real estate market, the economic outlook, and the implications of how long you want to stay put.
You’ll also need to consider your lifestyle needs, present, and future.
Understand Your Debt-to-Income Ratio First
The first, and most obvious, decision point involves MONEY. If you have sufficient means to purchase a house for cash, then you certainly can afford to buy one now. Even if you can’t pay in cash, most experts would agree that you can afford the purchase if you can qualify for a mortgage on a new home. But how much of a mortgage can you afford?
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