Understanding Your Financial Situation Before embarking on the journey of buying your first home, it is crucial to have a clear understanding of your financial situation. Begin by evaluating your income, savings, and credit score, as these factors will significantly influence your home-buying power. Start by calculating your monthly income and expenses to understand how much you can comfortably allocate towards housing costs. Next, assess your savings, particularly the funds available for a down payment. A larger down payment can reduce your mortgage loan amount and potentially secure a better interest rate. Typically, a down payment of at least 20%… Continue Reading