While many people look at their maximum mortgage amounts, it is often a good idea to consider buying below your budget. Spending less will allow you to enjoy a little more financial flexibility. You won’t be at the maximum end of your affordability. So, if you do need to tighten your finances, you won’t be saddled with a hefty mortgage payment.
Another benefit of buying below your budget is that you could set up your mortgage with a shorter term. This will allow you to pay off your home more quickly and pay less in interest charges in the long term.