🏦 Preapproved Doesn't Mean You Should Spend the Maximum

Getting preapproved is an important step in buying a home. It helps you understand what financing may be available and tells a seller that a lender has already taken an initial look at your finances. But there is one number we don't want buyers treating as a target: the maximum approval amount.

💳 The CFPB specifically reminds buyers that only they can decide how much they're actually comfortable paying. A lender evaluates income, credit, debts and assets; the lender doesn't know how much you want left over each month for vacations, childcare, hobbies, retirement savings, restaurants or simply breathing room.

🔍 It can also pay to shop. CFPB currently recommends obtaining at least three preapprovals and later comparing actual loan offers from multiple lenders. Rates, points, fees and programs can vary.

🎯 Get preapproved, choose the payment you consider comfortable, and build your home search around that—not around the largest number somebody tells you you're eligible to borrow.

📩 Ready to start planning a home purchase? To talk with one of our agents, fill out the Contact Us form located at the bottom of our website here, mycoreteam.pro.