January 20th, 2009 9:54 AM by Caren McCourt-Crane
Today mark's the inauguration of our 44th President. As an Air Force brat and and active supporter of country, it is a time to remember the truths that we hold evident - as a country, as a citizen and as an individual.
Many consider "home ownership" in their list of the pieces that fulfill their pursuit of happiness.
Here are some helpful tips if you are looking at securing your first home...
Before You Look at Your First House
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
Here are the questions that each home buyer should ask:
The 28/36 RuleNo more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).