Can I get approved for more than I'm comfortable spending?
Quick Answer
Short answer: Yes—banks qualify you at higher stress-test rates, so budget conservatively.
Detailed Explanation
Lenders stress-test your mortgage payment at 5.25% even if you're paying 4.5%, creating a buffer. Many buyers get approved for $100,000+ more than they want to spend.
Consider future goals: kids, job changes, interest rate renewals. A comfortable payment today prevents house-poor syndrome tomorrow.
- Factor in maintenance, utilities, and property taxes
- Leave room for emergency savings
- Pre-approval amounts aren't spending mandates
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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