When searching for a home, the most important factor is for the buyer to know what he or she can afford.  In 2007 many homeowners found themselves losing their homes to foreclosure or in bankruptcy proceedings because they purchased homes they could not afford, by entering into adjustable rate mortgage commitments and/or getting 100% loans. 

Buyers must do their homework before beginning their search for a home and obtain financial advice to identify the realistic purchase price they can afford.  The smartest approach for a couple would be to limit their new home’s purchase price to what they can afford on only one salary.  Owning a nice home is only rewarding, when you can have a life along with it.  If mortgage and debt worries curtail your enjoyment of the home, you will soon find yourself an unhappy slave to your mortgage or losing the home entirely.