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How to Buy a Home
How to Buy a Home
 Purchasing your first home can be quite an adventure. As with any adventure, it also comes with pitfalls and confusion. Not only do you have to find the perfect house for your family, you also want to insure it fits your budget. Even a low priced fixer-upper can be too expensive when the repairs you need to do are major. You may be able to afford the house payment, but the constant expense of repairs could break your budget.
 How Much House Can You Afford?
 Before you open the first magazine with all the homes in your area or embark on any home buying venture, you need to decide what you can afford. Your mortgage will be part of your total debt, which should be no more than 36 percent of your income. In order to get the best rate, you should have at least a 20 percent downpayment. Not only do the rates increase the lower your downpayment, but you may have to pay PMI---private mortgage insurance. Don't forget to factor in all unusual payments you have to make monthly, such as child support or child care. While these aren't debts, they do greatly affect your spendable ... more

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