If you are planning to buy a house, the best thing you can do is take out a mortgage that you can afford. Often it is seen that individuals try to live beyond their means. There are many individuals who take out a mortgage, the payment of which they cannot afford later. This is a very common problem and it is important to calculate a mortgage before you finally take the step. It may be mentioned here that the recession under which consumers are reeling is due to irregularities in the lending habits. Reports suggest that there were many borrowers who despite not qualifying for a mortgage had manipulated income levels and forged documents to get a bigger mortgage. Mortgage brokers were a party... [Read more...]