Warning: our lender approved us for $50k more than we could actually afford

Tbh we almost went with the max pre-approval until I ran the numbers on property taxes and utilities and realized our monthly would be $400 over our budget. Has anyone else had a lender push a number that felt way too high for your real income?

2 comments

2 Comments

pat_harris6d ago

My buddy got approved for almost double what he makes and almost signed before his wife sat down and did the math on a napkin. She figured out mortgage, taxes, and basic upkeep would leave them with like $200 a month for everything else. They backed out last second and ended up renting for another two years instead.

noraroberts5d ago

Read an article the other day saying banks basically approve you for the max you could possibly pay if you ate ramen every night, not if you wanted to like, live. Smart move on the wife for doing that math.