How much house can you really afford? Just because a lender approves you for a larger mortgage doesn't mean you should take it.
In this #SummitMinute, mortgage expert Dave Steinberg shares a real-life homebuying story that highlights one of the biggest mistakes buyers can make: purchasing a home they qualify for but can't comfortably afford.
A past client wanted to upgrade to a bigger home. Although he qualified for an additional $300,000–$400,000 in mortgage financing, his current finances told a different story. With little room for savings, taking on a larger mortgage could have put his financial future at risk.
Dave explains why understanding your true homebuying budget matters more than focusing on your maximum mortgage approval.
🏡 Before you buy a home, remember:
Understand how much house you can comfortably afford.
Don't confuse mortgage approval with financial affordability.
Consider your savings, income, expenses, and long-term financial goals.
Work with a mortgage professional who puts your financial well-being first.
Explore mortgage options and strategies that fit your budget.
The goal isn't just to buy a bigger house. It's to buy a home you can enjoy without sacrificing your financial peace of mind.
Thinking about buying a home or upgrading to a bigger one? Make sure you understand your budget before you start house hunting.
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Dave Steinberg NMLS: #67325 Mortgage Broker Summit Funding
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Connect with me:
Office: 718.575.1166
Email: dave@summitfunding.com
https://summitfunding.com
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Summit Funding | Registered Mortgage Broker (NMLS #52081) New York State Department of Financial Services
7030 137 Street, Kew Gardens Hills, NY 11367
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