Although purchasing a home can help you and your family have a stable future, it can also lead to financial instability.
It is typically the biggest and most significant purchase you will make.
Having a consistent income is one of the most crucial factors to take into account when purchasing a home.
If your mortgage payment will take up a sizable percentage of your income, there is cause for concern. As a general rule, your mortgage payment shouldn't be more than 30% of your gross monthly income.
Lack of a rainy day reserve is a red flag that you might not be able to finance a home.
Finding the money for the down payment is one of the largest challenges for first-time homebuyers.
Early retirement account withdrawals are strongly discouraged.
Finally, having good credit is important. Your loan terms may be more favourable if you have a high credit score, which will make your monthly payments more bearable.