Many things have caused the housing slump the country is still working through.

But one of the biggest factors? Borrowers weren't honest with themselves before taking on their mortgage loans.

A mortgage loan is a huge responsibility. For most people, it's the biggest monthly expense they'll ever have. Because of this, borrowers must be financially prepared for this burden.

What often happens, though, is that borrowers fall in love with a home that's just a bit outside their price range. Instead of passing, too many instead take out a mortgage loan that's too much for their monthly incomes.

Some borrowers take out loans that leave no breathing room. If someone loses a job, that mortgage payment suddenly can't be made.

That's what's happening today. The weak economy has led to seemingly endless rounds of layoffs and firings. The national unemployment rate is at record levels.

And when borrowers lose their jobs, making that mortgage payment becomes a near impossibility. This eventually leads to foreclosure, and explains why foreclosure levels across the country are still at record levels.

The time for borrowers to avoid all this, of course, is at the very beginning of the home search. They shouldn't even look at homes that sit outside their price range. And they should never, ever conspire with mortgage lenders to create loans with artificially low initial interest rates. Yes, these loans may make it easier for borrowers to make their mortgage payments for a set period of time.

But as soon as that introductory interest rate adjusts, usually to a far higher one, those mortgage payments suddenly aren't so affordable.

It always make sense for borrowers to take a good, honest look at their financial situation before applying for a mortgage loan. Some borrowers might be working in unstable fields. They should ask themselves if they'd be able to afford their mortgage loan payments if they lost their jobs. Others just aren't bringing home enough income to handle mortgages of certain sizes.

It may seem painful for borrowers to have to pass on what they think is the home of their dreams. But it's far less painful than missing mortgage payments or losing a home to foreclosure.