Thursday, September 30, 2021 / by Capprice Kitchen
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 can help you rather than hurt you in the long term.
A rule of thumb to keep in mind when purchasing your home is not to max out your budget!
Remember, the bank will review your financial portfolio to determine the mortgage amount you qualify for. Do not use your entire life savings when purchasing a home. Put some money aside to cover potential closing costs, taxes, insurance repairs, and monthly bills.
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