#28: The first steps you should take if you want to buy a house | Everything you need to know as a first-time homebuyer
A few days ago, a friend (who is also an aspiring first time home buyer) called me and asked, “if I want to buy a home, what’s the first step I should take?” I immediately answered that she should get pre-approved by a lender. But then, I corrected myself and encouraged her to calculate her DTI (debt to income) ratio BEFORE reaching out to a lender.
A pre-approval letter is important and most agents won’t even take you to view homes without it – and most first time home buyers don’t know that. However, before that step, it’s important to understand where you are financially. And calculating your debt to income ratio (DTI) will tell you that for FREE and immediately.
In this video, I will discuss what a DTI ratio is, why it’s important, how to use it to determine if you’re ready to buy your first home AND how to calculate your own DTI ratio.
Resources:
[VIDEO] My debt free journey: https://youtu.be/C0Tyt3n7PCY
The #1 Workbook for first-time homebuyers: https://www.maximizedmoney.com/ready-to-own
Biggest mistake I made in my homebuying journey: https://youtu.be/Yn-LsYujGtA
First time homebuyer loans:
https://www.maximizedmoney.com/first-time-homebuyer-loans
Instagram (we have lots of fun over here):
https://www.instagram.com/maximized.money
Ready to find the right real estate agent for you? Download my free checklist for questions to ask:
https://www.maximizedmoney.com/homebuyers-checklist
Want to get your finances together for your big home purchase? Join my free Homebuyer Goals Challenge:
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