3. You are too positive about your budget
If you never account for your money, you won’t be successful in dealing with any banking products. Mortgage is a long-term commitment, so you need to be realistic with all accounting actions. Look at how much money you’ve been saving monthly over the last one year. That’s the real amount of money you can afford to pay for a loan.
If you plan to allocate 90% of your income on mortgage so as to repay the loan within the shortest time possible, then such a plan is unreal. And this is the number one mistake that young families with no solid experience in domestic budgeting make.