Chapter 4
Understanding Your Finances
IN THIS CHAPTER
Investigating your finances
Pulling together your down payment
Calculating what size mortgage you can get
Getting a preapproved mortgage
Adding up your closing costs
Preparing for unexpected home-buying costs
When you decide to enter the world of home ownership, it’s time to take a cold, hard look at your finances. Budgeting may be something that you’re well acquainted with — or it may be the area of your life where you think “ignorance is bliss.” But unless you have a clear picture of your finances, both what you’ve got in the bank as well as your monthly income and spending, you won’t have a realistic idea of how much home you can afford and what your options are.
A clear (and honest) picture of your financial situation enables you to look at just how much you have at your disposal for a down payment and what a lender will be ...
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