Determine a Budget
A mortgage broker can determine how much home you can qualify to purchase. However, each individual has to determine how much home they can personally afford.
To develop a budget, pay attention to all fixed expenses that you might have - car payments, student loan payments, etc.
Next consider all other expenses that you might incur when owning a home - utilities, home owner association dues, property taxes, home maintenance, mortgage, etc.
Don't forget to budget money for food, fun, and saving.
It's important to be comfortable with the amount of the home you purchase. There's nothing worse than having a huge home that you can't afford to furnish or keep up.
Don't be afraid to let your mortgage broker and real estate agent know what price range you are comfortable with.
I have a buyer now who qualifies for a home up to $250,000. However, he would like to keep his payments at a certain level so we are instead looking in the $175,000 range.
Once you know how much home you can afford you are ready to begin the fun part of looking for a home.
If you are ready to begin the home-buying process give me a call!