Just because a mortgage lender approves you for a specific loan amount doesn’t mean you have to spend it all. It’s a good idea to get a home for less than the amount approved for. Having money left over is ideal for an emergency fund.
Most mortgage lenders let borrowers spend up to 28% of their gross monthly income on a mortgage payment. If you purchase a property below your maximum budget, you’ll have more disposable income and can even use some of the money to make double payments on the mortgage to pay it off faster.