When it comes time to buy a home, a lender will consider every part of your financial picture. From your current salary, to your bills and spending habits, to that lump sum of inheritance money you received from your grandparents. Since a bank is going to get all up in your spending business, you’d better do the same. Find out how much money you’ve got coming in and going out and how much you’ll be able to devote to a monthly mortgage payment (paying weekly or fortnightly is better).
When you’re considering your finances and budget, also consider the fact that homeownership fees don’t end with the monthly mortgage payment. Home owners are responsible for insurance, rates and any money it costs to cover routine maintenance or unexpected home repairs.
After hearing that financial information, is buying a home in your future?