IV. Plan a budget and really consider how the total payment will affect your lifestyle

There is a lot of excitement involved in buying a new house. If you are looking at a home on the high end of your price range, you may find yourself putting your house payment into a whole new perspective. Although you may really want this house at the moment, if you do move forward with a loan that comes with a payment that is considerably higher than you are used to paying, you may find yourself making compromises in lifestyle that you may regret later. So, it is really important to look closely at your bottom line before making the choice to take on a given mortgage. It is important to consider your overall budget now and into the future as well as how long you think you will practically be in the home. This is also very important when selecting from a variety of different loan programs.