If you've ever thought about buying a house, you likely already know how expensive it can be. And if that's the case, you've probably come to realize how much work it can be to get ready to buy.
While housing prices have been on the rise, and trends in how buyers make down payments are changing, many looking to buy a home might feel that they're ready. AdvertisementA few top questions to ask are the classics: Can you make the 20% down payment? Is your debt-to-income ratio low enough? And while answering "yes" to these questions might get you approved for the mortgage, there are a few other questions to ask to make sure you're financially ready to make that house your home.
Here are seven factors to consider to make sure you can truly afford the home you want to buy.
Can you afford your dream home? Use this calculator to find out:
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1. You've looked past the purchase price
2. You're not dipping into your emergency fund to make the down payment
3. You can make the full 20% down payment
4. You're not spending more than 30% of your income on housing
5. You'll still have cash after that down payment.