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

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

The Road To Home, Personal Finance Insider

10/27/2021 1:35:00 AM

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

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.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. Look at your debtIf 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.

The28/36 ruleis 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 (your income before any deductions or taxes are taken out) on housing expenses. You would also spend only 36% of your gross monthly income on all your debts, including the mortgage.

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, CEPFEditor, Banking & Mortgages

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