Buying a home is a pretty big deal, and you want to make sure that before you make that decision you have given it plenty of thought. Especially if the home you’re buying is your first one. The obvious question is, are you ready financially. Not just initially, but the ongoing cost of homeownership as well.

Check out this affordability calculator to get an idea of how much home you can afford based on your income and spending.

You can find out if you are ready to buy a home by asking yourself some simple questions:

• Do I have a steady source of income (usually a job)?
• Have I been employed on a regular basis for the last 2-3 years?
• Is my current income reliable?
• Do I have a good record of paying my bills?
• Do I have few outstanding long-term debts, like car payments?
• Do I have money saved for a down payment?
• Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer “yes” to these questions, you are probably ready to buy your own home.

See How Much Home You Afford