A new home is one of the best purchases that you will make in your life. This could be your piece of history that you can pass down through generations to come. It’s also one of the most challenging as most of us can’t pay for it in cash. We must commit ourselves to paying for it continuously for more than 20 years and if we are not careful with our finances, we could lose our house and we can’t just go out and buy another one. Don’t think that losing your home will not have a long term effect. If it happens, it will cause considerable damage to your home and finances.