More Than the Mortgage: Don't Forget Other Home Costs

Many first-time homeowners are familiar with expenses such as closing costs and mortgage payments. But when deciding just how much house they can afford, many consumers don't take into account the hidden costs of owning their home.

By failing to consider expenses such as property taxes and maintenance, many homeowners end up stuck in homes that they cannot afford, sinking deeper and deeper into debt.

The result is a national foreclosure rate that keeps climbing -- the rate for May 2008 is up 65% compared to the same period last year, according to RealtyTrac.com -- and a large number of consumers who are left with lousy credit.

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