Buyer Tip – Do not max out your budget!
Maxing out your home buying budget can be tempting especially after pre-approval, but it can also cause plenty of financial risk down the road. Making sure you leave yourself enough room for other financial goals is sure to help you in the long term.
A rule of thumb to keep in mind when purchasing your home is not to max out your budget! Stick to a home buying budget that is comfortable for you in your current position.
Remember, The bank will review your financial portfolio to determine the maximum mortgage amount you qualify for. Do not use your entire life savings when purchasing a home. Remember, you will also need to put some money aside to cover potential closing costs, taxes, insurance repairs, and monthly bills.
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