So you’ve made the decision to buy a home. What you now need to check is your buying power, which could be as much as 2.5 times your gross annual income. You would also be advised to work out your housing budget.
Make sure to include home insurance and other charges in your estimated payments.
Your housing budget should include utility costs and a set amount for future home maintenance and repair costs.
Ensure that you will be able to meet your other financial goals, like saving for retirement and paying for your family’s education.
Once you review your finances, select a mortgage amount that allows you to reasonably meet your long-term goals and needs.
For more advice, please spend a few minutes browsing RAKBANK’s Home Buyers Guide and frequently asked questions.