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When you miss your mortgage payments, foreclosure may occur. This is a legal means that your mortgage company can use to repossess (take over) your home.

The most important ratio to understand when making income property loans is the debt service coverage ratio.

If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory.

What to do to increase your chances of being approved for a mortgage.

If you need to borrow money, home equity lines may be one useful source of credit.

Be sure you understand how much your monthly payments will be and what they cover. Your mortgage company should be able to give you this information in advance.