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Have you been bitten by the gotta-have-it bug? It could be a Peloton bike that’s caught your eye, or maybe you want to spring for a new entertainment system, no matter the cost. Before you go ahead with the purchase, though, it’s a good idea to take a step back and follow the steps outlined here to be sure you’re making a decision you won’t ultimately regret.

What is Overdraft Protection?

Overdraft protection is a type of loan offered by a financial institution that ensures that your transactions clear, even if there aren’t enough funds in the account. This is done by linking two accounts. Your financial institution will automatically transfer funds from one account to cover the overdraw of funds in the other. This safety net will allow the transaction to go through up to a set amount but will result in an overdraft transfer fee.

What is a Mortgage Preapproval?

A mortgage preapproval is the process that lenders utilize to determine how much money you can qualify for on a mortgage loan. If you qualify for a preapproval, you’ll receive a preapproval letter that can be used as you search for and buy your new home.