Calculate mortgage

What is the first thing you will have to know before taking your future mortgage???
A couple of thinks pop in my mind in the first place and most of them is scary, but pure necessity for survival sometimes will crush that fear but none the less you should always be aware that you CAN and WILL lose your home if you don't pay your rate on time.

Sometimes it will be difficult to maintain your monthly budget so you will need to be extra careful on setting your mortgage rate and keep in mind that your incomes may grow in the future but also it can shrink (there is a solution if that happens).

Before you set your mortgage rate and take more money than you can return you should:
1. Sum all of your income
2. Sum all of your expenses (including all of your indulgences like going out, smoking etc.)
3. Then subtract the last from the first (1-2) to get an approximately amount of money you can spend on a mortgage (don't forget to include a disaster fond, for any unpredictable expenses)
4. NEVER raise that number if you can not support it (exceptionals are getting a raise or getting more steady income) and NEVER spend that money on other things (if you calculated it in the first place you would not need to spend it either)

After deciding what amount of cash you can afford on a monthly basis you are (AND ONLY THEN) ready to go to the bank and decide (yes, more deciding) what type of mortgage to take and what type of a mortgage can you take in the first place because there are many factors that are involved when a bank is deciding for what type of a mortgage you are eligible.

On the Internet you can find a lot of programs and sites that can help you with calculating your home budgets and even calculating how much mortgage you have to pay of (especially god before taking a 2nd mortgage).

Don't forget to check other 2nd mortgage info's like what can you do if your home budget shrinks or some secrets about 2nd mortgage.