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While the process of building toward obtaining a mortgage and purchasing a home may feel like cresting a mountaintop, it’s important to realize that your work doesn’t stop when the final paperwork is signed. Homeownership is a detailed area that requires diligence and hard work, plus a continued commitment to strong financial decisions.

Q: I’ve recently landed a better-paying job and I can now afford the occasional (and not-so-occasional) luxury, but I’m wondering if I should indulge. Am I better off living beneath my means to avoid falling prey to the trap of luxury? Is there a safe way to enjoy the more comfortable lifestyle that I can now afford?

Q: I’m in the market for a new home, and everyone I talk to, from friends to financial advisors, suggest I get preapproved for a mortgage before I start house hunting. Why is this so important?