Your monthly mortgage payment is what you need to look at when you decide if a home is affordable or not. Mortgage rates have roughly doubled in the past year which means your payment is 30% to 40% higher than it would’ve been for the same exact house. Even @iamcardib has (more colorfully) acknowledged the dilemma for buyers today in her recent IG live. While there are a lot of strategies you can use – negotiate lower prices, have the seller pay mortgage points, get creative with where you look for a home – Cardi B is right, and you might just not be able to afford a home today. So what should you be doing if you can’t afford it now? Here are a few steps you can take: 1. Work on your credit score. Lenders are going to look at your credit score and debt-to-income ratio when you apply for a mortgage. The market may not be right for you to buy a home right now, but it’s always the right time to pay down high-interest debt like credit cards. 1. Make practice mortgage payments. You may have a good idea what kind of budget you’re aiming for. Calculate that as a monthly payment and start paying it now – to yourself. Take the difference between your rent and your practice mortgage payment and drop it in savings to build up some cash for a down payment. 1. Save for a down payment. You’re going to have to bring a lot of cash to the closing table when you buy a home. (Although by no means do you have to bring 20% – your down payment can be as little as 3%.) Start saving it now. And with interest rates rising all over the place, the best place to save is a high-yield savings account, where it might grow a bit between now and when you’re ready to buy. To learn more about the housing market, check out our website or head to the link in our bio. #investing #investment #money #trading #invest #investor #business #stockmarket #personalfinance #stocks #finance #inflation #stagflation #economy #unemployment #financialfreedom #wealth #trader #wallstreet #moneymoves #investments #federalreserve #savings #saving #401k #IRA #income #homebuying #mortgage #mortgagerates