Bottom Line: You aren't, by any means, required to take all the money a Bank offers you. You could buy a $150,000 home even if you technically qualify for a $200,000 mortgage. But before you buy any home,, consider how a mortgage payment – other home ownership costs and unexpected emergencies – will affect your family budget. That way, you don’t wind up in over your head worried about how to make your next house payment.
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