Owning your home is part of the American Dream. But, can you afford one? This is one of the most important questions you should tackle in the early stages of home buying. To ensure you not only scrape by but have enough to save and even pay off your mortgage early, you should consider having the following in place:
- Be debt-free or have a low debt burden
- Save six months of income as an emergency fund
- Have additional money in savings to pay for moving and closing fees
Owning a home is a big responsibility. The more prepared you are for this new chapter of your life, the more rewarding it will be.
