I was in the market about 4-5 years ago and the pre-qualification mortgage amount I got from my lender was insanely high, based solely on my gross income (which isn't exactly rock star money). When they told me the number, the magnitude of which has escaped my memory now, I almost fell off my chair laughing. For the life of me, I couldn't figure out how they'd have thought I could afford something far beyond my earning means, i.e. being able to support a mortgage in addition to my usual monthly living expenses. I didn't even need to get mortgage insurance to qualify for the amount they were prepared to lend me.
Believe it. When most mortgages are government-insured, it's no wonder lenders lose a grip on what would seem reality to the rest of us.
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