Buying and maintaining a home is a significant and long-term responsibility. And ensuring that it’s a place your family will own and enjoy for many years starts well before you encounter problems. Don’t be pressured into buying more home and taking on larger mortgage payments than you can comfortably manage.  Understand and carefully plan for every expense you’ll face each month. Don’t assume everything will go as expected. Plan and save for emergencies. Have a budget and base it on a realistic assessment of your current financial situation, not what you expect or hope to earn next year.

Be informed: take a free homebuyer education class offered by major lenders or nonprofit counseling agencies, such as Consumer Credit Counseling Service (CCCS). Use online resources such as Freddie Mac's “Don't Borrow Trouble” [PDF] and the CCCS sites.

If you’re already a homeowner, make sure you’re not at risk. Take the
Mortgage Reality Check Quiz.