When looking to buy a home and get a mortgage, an important first step is to answer the important question of, how much mortgage can I afford? Some people want to purchase as much of a home as their pre approval limit will allow without going over their comfort level or having stress with cash flow.
With determining your down payment and finding out how much a lender will willing to left you, this will help you know what price of house you can afford. If you feel this is more then enough for your needs then you can reduce the amount and if it’s not enough then you can look to options like adding a co signer. Read our full mortgage affordability guide.