5. Determine how much you can afford to pay each month
You may pre-qualify for a half-million-dollar mortgage, but that doesn't mean you'll be able to maintain monthly payments. You, not the bank, are in charge of ensuring that you can make monthly payments on your mortgage.
Consider upcoming expenses, such as your kids going to college or needing to buy a new car, that could affect your ability to pay. Keep those future costs in mind when determining how much you can spend on your mortgage each month.
