When you have your mortgage consultation, be frank about what range of total housing payment you feel comfortable with. Even if you might be able to get approved for a payment that eats up 40 or 50% of your gross monthly income, think about how you your lifestyle would have to change if your disposable income went down by a significant amount. Be sure to take into consideration the fact that your budget will have to include a number of things that you didn't have to pay for when you were renting. Lots of people are now paying the piper because they didn't do just that. Just because you qualify for a $250,000 loan doesn't necessarily mean that getting it is a good idea. See a mortgage consultant BEFORE you go shopping for a home.


Mortgage Consultation