(BPT) - Getting approved for a mortgage is exciting. With a green light on your mortgage approval, you might be inclined to shop for homes at the top of your budget. The truth is, qualifying for a mortgage doesn’t guarantee you can afford it. Many financial institutions, such as Navy Federal Credit Union, offer expert advice and financing options to help you get a home loan that best fits your needs.
Before you make a decision, look at the big picture, including the following affordability factors, to see how they can affect your overall and monthly costs.