How To - Buy A House For Dummies

: Be ruthless. You can change the paint, but you can’t change the location or the number of bedrooms easily.

Have of the home's value saved (for down payment and buffer). Buy a house worth no more than 3x your annual income. 🔍 Phase 2: The Hunt

: This is a letter from a lender saying they will definitely lend you $X amount. Most sellers won't even look at your offer without it. Follow the 30/30/3 Rule : how to buy a house for dummies

💡 : Use a Home Affordability Calculator to see how your current salary translates to a monthly payment. How to Buy a House for Dummies : r/PersonalFinanceCanada

: Your bank will hire someone to make sure the house is actually worth what you're paying. If it's not, you may have to cover the "appraisal gap" in cash. : Be ruthless

Spend no more than of your monthly income on the mortgage.

: Your agent will help you pick a price. You'll likely include "contingencies," which are "get out of jail free" cards if the inspection is bad or your loan falls through. Buy a house worth no more than 3x your annual income

Before you look at a single kitchen, you must know what you can actually afford.