Most people don’t realize the bank might approve you for more than you are actually comfortable spending. For example, if you and your partner make $120K a year, the bank could say your max mortgage payment is $3,000 after debts. A smarter move is keeping it closer to $2,800, or about 28% of your income, so your budget feels balanced. Bottom line: don’t let the bank decide what you can afford, run your own numbers and stay in control.
