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10 Things to Consider Before Getting a Mortgage

7. Find out if there are any limits on how much amount you can borrow

Find out if there are any limits on how much money you can borrow

Lenders have limits on how much they’ll lend and when you need to start paying back your mortgage. Make sure you know what those limits are so you don’t end up in an uncomfortable financial situation. For example, if you buy a house for $300,000 but can only afford payments of $2,500 per month, your lender might not be willing to give you more than $200,000. In that case, it might be best to consider another home that fits within your budget.

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