How to know if you're ready to buy a home

If you can't afford the monthly payments, you may not be ready to buy a home. But you might just need to buy a more affordable home or spend more time saving for a larger down payment.If you have a lot of debt, taking on an additional home loan could make your life difficult — and a lender may not approve your application.is good for knowing whether taking on a mortgage is manageable. According to the rule, you should spend only 28% or less of your gross monthly income on housing expenses.

Keep in mind that the 28/36 rule can be flexible depending on which lender you use and which type of mortgage you get. The bottom line is that you should consider whether taking on more debt by buying a home is feasible.Laura Grace Tarpley is an editor at Insider, responsible for banking and mortgage coverage on Personal Finance Insider. She covers mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips. She is also a Certified Educator in Personal Finance .

Nonimmigrants have been forced to quit jobs because of EADDelays. Buying a house would be a hassle, too. Care to cover?

If your combined household income isn't six figures Plus.. don't bother...

如何知道你是否准备好买房

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