Mortgage - Home Buying Mistakes - 7 Real Estate Deal Breakers to Avoid - Bob Vila
Know Your Limits
Don't make an offer you can’t deliver. If you win a bidding war with a check that the seller can’t cash, you have actually lost. Know the maximum monthly housing cost you can afford, and negotiate accordingly. Your maximum has to take into account not just the mortgage but also taxes, fees, and insurance. If you make an offer based only on the biggest mortgage you can get, those other costs will put you over the limit, and you might have to rescind your offer.