First Tip: Budget Your Money

The first step as a first time home buyer is to figure out your finances and start to budget your money. Buying a new home requires a mortgage, where a lender loans you money and you pay it back over time.

You can calculate a monthly home payment to help you decide what kind of home you can afford. Once you have this certain amount then you can discuss it with your lender. Your lender will then help you understand what will be included in your monthly payment.

Making sure you can meet your projected future home payment is the most important part of successful homeownership. Mortgage calculators online such as Quicken LoansLending Tree, or even Rocket Mortgage by Quicken Loans. These calculators will show you how much you’ll pay toward principal and interest every month.

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