Financial experts often tout the virtues of home loans, arguing mortgages are the cheapest money you will ever borrow. Yet many homeowners are ruing the day they took out a big loan, and some are falling behind on their payments and even losing their homes to foreclosure.

Consider the dilemma facing many recent home buyers. Their homes are falling in value, even as their mortgage payments are sometimes rising. If you are in this predicament, it isn’t a calamity, provided you can afford the monthly payments. What if you can’t? This is one financial quagmire that’s hard to escape.

If you have other savings, you could pay off a chunk of your mortgage. That should trim your monthly payment next time your mortgage rate resets—assuming you have an adjustable-rate loan. “But unless you make a sizable repayment, it’s not going to help a great deal,” warns Keith Gumbinger, a vice president with mortgage-information provider HSH Associates.

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In the market for Delray Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property.

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