Buying a Home

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buying a home Buying a home is often one of the largest financial decision a person makes in their lifetime. The process can be stressful without the proper guidance regarding the home purchase. I have seen many people make serious mistakes during their home buying event. I am going to give you some common sense advice that I pray will help you.

First, have your financial affairs in order. Know what you make, what you owe, and what discretionary income is available for a home payment. Do not consider buying a home without first having your emergency fund in place, be free of unsecured debt, and have some reasonable idea of future income projections.

Secondly, when beginning your search, an old but reliable guide is to never buy a home that is more than your annual income. For example, if your household income is 200,000, do not consider buying a home for more than that. Also, your mortgage payment including taxes and insurance should not be  more than one weeks income. If you bring home $750 a week, make sure your mortgage payment is less than that.

Third, compare interest rates and terms from various institutions to receive the best offer.

Fourth, do not be pushed into a hasty decision by the realtor or bank. Make sure you are fully apprised of all issues such as home inspections, loan terms including all fees, taxes, and insurance.

Buying a home is a complex stewardship decision. Move at your pace, be fully informed, don’t be pushed, and pray through the process.

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