Nowadays, it’s hard to find an affordable home. As a result, home buyers purchase homes that they can’t really afford. More than half their monthly income goes toward paying the mortgage, and they have little funds leftover for savings and incidental expenses.

While difficult, it’s possible to keep your mortgage payments affordable. Before applying for a home loan, it’s best to reduce your debts. This includes paying off credit cards, installment loans, etc. If possible, attempt to reduce car payments and student loan debt. Thus, you have more disposable cash to put towards your home loan.

Additionally, attempt to keep your mortgage payment less than 36% of your total monthly income. This is challenging, especially with inflated home prices. You may have to search for several weeks or months to find a home within budget. Still, this is a lot better than paying too much for a house, and having a mortgage payment you can’t afford. Every month you’ll have to scrape money to make the payment, which can because stressful and exhausting. Avoid payment shock and look at properties within your budget.