We’ve all heard cautionary tales of new homeowners who have ended up “ house poor .” Yes, their homes may be gorgeous and enviable, but that asset is all they have. But in reality, they’re struggling to afford their homes and live their lives comfortably. And, if there’s one thing you don’t want to do as a buyer, it’s to find yourself in a similar position. Here are the steps you can take during your home search to ensure you find a home that works with your wallet and keeps you comfortably in your budget: 1. Shop below your maximum pre-approval amount Once you go through the process of getting pre-approved , you’ll receive a letter that states how much money the lender is willing to loan you. Many buyers, especially those who haven’t bought before, make the mistake of shopping for homes up to that amount. In reality, this figure is not a suggested price range. It’s the absolute maximum you’re allowed to borrow. You don’t have to spend that much, and in fact,...
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