Generally in the mortgage lending world you can afford a home if your total debt — including your monthly mortgage payment — makes up 43% or less of your before-tax income. In lender language, this is known as your debt-to-income (DTI) ratio.

An early step in the home buying process is being pre-qualified for a home loan. When you prequalify for a home loan, you're getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.

To show the buyer's offer to purchase the property is made in good faith, the buyer makes an Earnest Money Deposit or E.M.D.

When saving for a home, it’s smart to have at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees.

So, if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses..

Buying a house can feel like a daunting task. It involves a lot of different factors, from loan qualification and credit checks to appraisals, legal contracts, and more.

So, If you’re thinking about homeownership, make sure you have the information you need to make your decision