Under some circumstance, it forces you to move to new home and sometimes you have to sell it before the bank forecloses on it. When changes happen in your life - for good or bad - you may have to face the need to sell your home and sell it quick. If you need to move you probably don't want the anxiety or cost of trying to sell from another town while your home stays empty and unprotected. You may also not want the burden of the cost of paying for two mortgages and utilities for any length of time.

Your mortgage calculator says: probably a lot less than your mortgage banker says you can.

Sometimes you can qualify for a loan but you should not accept it. Why? The monthly payments are more than you can afford. There are lots of laws in place at the state and federal level to protect customers against predatory lending, but there are still many customers around who will find that six months to a year into their loan they might have to give up their house. They cannot afford the upkeep, insurance and mortgage payments.