Start out by knowing what mortgage you can comfortably afford. You should meet with a lender or mortgage broker to establish how much of a mortgage you will qualify for. It’s very important to go through the mortgage pre-qualification process before you begin your home search. This will bring your house hunting into focus and give you a better idea of the houses that fit into your price range.
Not only that, mortgage rates vary considerably and it is obviously to your short- and long-term advantage that you shop around for the best rate, terms and options. You don’t want to sacrifice lifestyle for a house.
Determine how much of a home (mortgage) you can afford by considering:
1. Your annual household income.
2. Your down-payment (should have…