Two years ago my husband and I applied for a pre approved mortgage, we had zero understanding of how a mortgage worked and quite frankly I was pretty nervous that we would end up with a mortgage we would be unable to afford.
I was very relieved when our Mortgage person explained that there is a very strict mathematical equation they uses based on your income, and your debts as to what you will be approved for in a mortgage.
Many people are not so lucky. They do not use mortgage intelligence to find the proper balance for themselves and their prospective new home. If you follow mortgage leads and research what you are planning on getting into, owning a home can be a wonderful experience. Take it from me. In one week it will be our two year anniversary of owning this home. We are paying less on our mortgage than we had been paying to rent a small three bedroom apartment.
The mortgage industry needs to start utilizing such things as direct marketing mailing lists to get the word out to potential borrowers who need a safe, secure mortgage. One that they can grow with and happily live with, like ours.
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