Quote:
Originally Posted by #Thinman
there is a very good hidden point in jj's post.
when you get pre-approved, try to ignore the number you are approved for and rely on your original budgeting to determine how much house you can afford.
i have a feeling it is real common to want to spend $x amount on a house and then revise that figure up based on the amount you are pre-approved for.
the flip-side to this argument, and it has merit, is to "buy as much house as you can afford right now" with the rational being that prices go up, your salary goes up, everything goes up.
that 25% of your salary today may only be 20% of your salary tomorrow.
as the dr. mentions, everyone situation is different and as a first time home buyer, you need as much info as possible to help make your individual decision that works best for your situation.