PHOENIX, March 8, 2012 — /PRNewswire/ — Traditionally, spring marks a busy period of time for housing market activity in Arizona. With the heat of summer seemingly only weeks away, M&I, a part of BMO Financial Group, offers first-time homebuyers strategies for finding their ideal home while keeping financial priorities in check.
Buying a home can be the largest and most important financial decision one can make, so it is important to be aware of all the factors that go into making a responsible purchasing decision.
“The first step is figuring out how much you can afford to spend on homeownership, which means an honest assessment of the household balance sheet,” said Jerry Bevers, Arizona Mortgage Market Manager, M&I, a part of BMO Financial Group. “Once you have a clear idea of where you stand financially, you can then make a responsible decision of what you can afford, including your down payment, monthly mortgage costs and other expenses like utility costs, property insurance and taxes.”
M&I offers the following tips for Arizonans looking to buy a home.
Making an affordability assessment Bevers noted that there are two rules of thumb first time homebuyers can use to determine what they can afford.
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