This is a goal that most people share. To own your own home and ultimately, to pay off that mortgage. It starts, of course, with saving for a down payment. Think about how much money you’ll need, and when you’d like to buy a home. Set up a timetable for saving. Don’t forget that house prices may rise, so plan to save a little more than you’d need in today’s market.
Also keep in mind that there are costs associated with buying a home beyond the down payment itself. Your financial target should include money for taxes, legal fees and other costs.
As you think about the house you’d like to buy, give some thought to how big a mortgage payment you can comfortably afford.