Quote:
Originally Posted by stone hands
im a middle millennial(31)
most of my friends who bought houses essentially did what has been stated in this thread:
asked the bank for the most money possible and bought the biggest available house, and are unable to get ahead because of it
there was an ad on the radio a little while ago that was basically saying: go to this website and we will tell you how much your mortgage payment will be! this concept is insane to me, your own budget should dictate what your mortgage payment should be. when we bought our place, we were approved for 200k more than what we ended up buying our house for. i'm all for people spending their own money however they want, but i was almost appalled at the number the bank was ready to give us, it was just completely irresponsible of them to make that an option, and then i realized that number is what most people will go for
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I don't even know what I was approved for versus what I took as a mortgage, but I'm sure it was some crazy number judging by the way the bank laughed and how fast they approved what I asked for.
I found some houses that I liked and would be a good mix of not too big, but with room to grow into when I started a family, ran some numbers with the online calculators to see if I was comfortable with the down payment and monthly costs and then started shopping. Got my short list, told the bank the ballpark I was looking in and then wrote my offer on the one I eventually bought.