What is the best reason for homebuyers to create a budget before taking out a mortgage? a. to compare the value of their home with that of their neighbors b. to plan how to pay off the money they have borrowed c. to set aside enough money to refinance the loan d. to figure out how long they can stay in their home

The correct answer is option B. The best reason for home buyers to create a budget before taking out a mortgage is to plan how to pay off the money they have borrowed. A mortgage is a type of loan, usually emitted by Banks, in which a person receives cash up front in order to buy a house. In return the home owner has to make regular payments to the bank until all the loan has been paid off. When considering taking a mortgage, it is essential to create a budget, so that there is a plan on how to handle finances in order to make the loan payments and to maintain day to day activities.

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