Comments on: How to Buy a House for the First Time (2023 Homebuyer Guide)

By: Pete Young

Pete Young — Sat, 18 May 2019 02:13:25 +0000

Good article, Cat. One point of clarification, you say, “speak with your real estate agent to get an estimate of closing costs. By law, they are required to give you the exact amount you have to pay in closing costs a few days before your closing date.”

Buyers should speak with their lender, not the agent for closing costs estimates. Lenders are the ones that have to disclose that information by law, not agents.

By: Ben Huber

Ben Huber — Mon, 08 Apr 2019 01:39:58 +0000

In reply to Shirley Sweeney.

Hi Shirley!

That figure is definitley not meant to be deceiving, although I can see where you’re coming from. 🙂

The 28% rule is actually a mortgage industry standard. It’s the number used by mortgage lenders to assess borrowing capacity. They use the 28/36 rule (in conjunction with your credit score) to determine your risk of default.

Hope that better clarifies things!

By: Shirley Sweeney

Shirley Sweeney — Sun, 07 Apr 2019 21:17:33 +0000

There is some great information in your article. However, basing a monthly payment on gross income can be deceiving. What people really have to live on is net pay after all of the bills are paid. People may want to keep that in mind when figuring out how much of a monthly payment they can afford.

By: Ziya

Ziya — Sat, 10 Nov 2018 06:27:19 +0000

Thanks, Ms. Alford. I learned so many things. Keep up the good work!