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I heard on the news today how more and more people have to foreclose on their home loans due to increasing interest rates. I would assume that many of these would be first time homeowners because they do not have the experience necessary in handling mortgages.

I can just imagine the excitement coursing through their veins as they are about to sign on the dotted line, so much so that they haven’t even considered if they have left themselves enough space in case of such situations as higher interest rates and other expenses. In these situations you would hope that the bank institutions or loan providers would be the guiding hand for any and all secured loans.

I would implore all people who are thinking of a home or any other loan, to go online and use the available mortgage calculators to make sure they can afford the loan, and please make allowance for increases in interest rates and any other unforseen expenses. Remember, forewarned is forearmed.