Step 2 of 48 Phase 1: Visualize Home Ownership
1.2 Your Finances Today
Review your current financial situation to understand your home buying potential.
Key Questions to Consider
- What is your current monthly income?
- What are your monthly expenses?
- How much do you have saved?
- What debts do you currently have?
What This Step Covers
- Income Assessment
- Expense Tracking
- Savings Review
- Debt Analysis
Common Mistakes to Avoid
- Underestimating your total debt by forgetting student loans, car payments, or personal loans
- Not accounting for irregular expenses like annual subscriptions, car maintenance, or medical costs
- Only looking at gross income instead of take-home pay
- Hiding financial details from your partner or co-buyer