If you are thinking about buying a home, then you are probably thinking about a mortgage. The first thing you should do before getting down to shopping is have a talk with your mortgage professional and get qualified for a mortgage amount. In plain terms, this is the top number the bank will risk on you. This amount, plus your down payment, will cover the home purchase price plus closing and mortgage costs (see my posts here and here for more information on those).
Then, you should give serious thought as to how much money you want to spend on a home. Qualifying for a loan amount is one thing, but you may have other priorities for your money and don’t want to spend at your upper limit. When considering this, remember to factor in the costs of owning a home:
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