Buyer Tip: Make a Budget

One of the first things you should do when deciding to buy a home is to sit down and make a budget for what you are comfortable paying monthly for your mortgage. First, figure out your total income for the month. Next, write down all of your bills you currently pay like car payment, phone bill, and insurance. Then figure out what you usually spend on variable expenses like groceries, gas, clothing, and entertainment. Subtract your expenses from your income and see what you have left. That will help you decide what you are comfortable paying monthly for a mortgage. Don't forget to keep a buffer for savings and emergencies!