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Did I make a mistake?

I went to get pre-qualified with my credit union last week.  Did I make a mistake by telling them the maximum amount I want to spend on the home? I ended up getting approved for a loan but for the exact amount I mentioned....now I feel like I have no room to move up. Should I look into getting pre-approved with another lender?
  • January 10 2011 - Citrus Ridge
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Answers (3)

I would get pre qualified ask them what you qualify for maxium, then ask them to qualify you at the house payment you can afford easily. Remembering taxes and insurance and maintance cost, see what that payment will qualify you at as far as house purchase price.
The second choice you can live with the first choice might be more than you could easily pay monthly.
Good Luck
  • January 10 2011
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  • km9
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Of course you need another lender.  Get on board!  Don't let the credit union decide your financial future for you.  Get at least 3 to 5 quotes.  You will see a big difference between the lowest and the highest.  BTW, ask credit union how high you are qualified for.
  • January 10 2011
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No, you make no mistake.
  • January 10 2011
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