Just So You Know:
We recently assisted several couples purchase properties well below their bank-approved price. These couples were happy to buy properties that suited their needs over the next few years, rather than shop for that “dream home” in their early 30’s.
One of our Buyers needed a mortgage of $400,000, and their lender tried hard to get them to borrow $575,000. Smart Buyers declined – and said they would borrow only what they needed.
They have learned the lessons taught to us all during 2007-2008 when prices were silly stupid high, and bank appraisals/approvals were encouraging you to “buy your dream home today!”
This was an intelligent solution and we want to commend our young clients on their sensibility and restraint.
Well done and good choices everyone!