I want a house SOOO bad!!! How do we know when we are financially ready to start house hunting... about how much should be saved up in the bank before we even start to look??? We arent expecting to get a castle or anything... just someplace to start with...
lorimari
Posted:
Member since
Re: how do you know when you are ready?
I would go and talk to a mortgage broker and get prequalified. They'll be able to tell you how much you can afford based on what you can put down and what the banks are willing to give you based on salary.
I also recommend having about 3-5 thousand dollars extra for any additional, unforseen things that may come up at closing or with the house once you move in.
Good luck!!!!
nov2004bride
Posted:
Member since
Re: how do you know when you are ready?
I would say at least 10% of the house for a downpayment and around $10,000 just for closing. And there is much in between. Also when you move in you will need money to make the place your own.
Definitely, go talk to a mortgage broker.
janwinterbridejoy
Posted:
Member since
Re: how do you know when you are ready?
we sat down with a mortgage broker and found out what we could afford and then went home had a good long talk and then started looking at houses.
