If only mortgages were as easy in real life as they are in monopoly, flip the deed over get money, then pay it back whenever you want for no lost interest or costs. Ah if only life was as simple as the board game. Mortgages are a bit more complicated. For starters there are lots of different types, ARMs, Balloons, different year terms, not to mention different interest rates. The key to buying a house and a mortgage is know what you are getting into, read all of the fine print and be prepared for the worst so when the best happens you can smile.

Always ask yourself if what your buying is too much house for you, some specialists say that your mortgages be less then X% of your income, I think it varies too much on a case by case situation, basically play online with free mortgage calculators and determine what payments you can afford.

Lets face it, personal finance is PERSONAL.