Avoid Financial Misery from Excessive Mortgages

When securing a mortgage, lenders assess your debt-to-income ratio, down payment, and credit. Many stretch their budget too far, resulting in burdensome mortgages and significant stress. One-third of borrowers regret their mortgage size, up 27% from last year. Contributing factors include high home prices, population growth, and buyer expectations. To avoid financial strain, maintain a 5% budget buffer and save six months' living expenses for liquidity.