It amazes me the lack of personal responsibility some homeowners seem to have. You know what you can afford, if you make 30k you should be suspicious at being prequalified at 450k with no money down.
And does no one read their loan terms??!? I had an 80/20 loan and it could not have worked out better.
I heard my hairdresser complaining that she didn't refinance in time and her rate was going up and they would have trouble paying their mortgage and had calls into a state agency to help her and her husband refinance at a lower rate and no closing costs, then in the next sentence she was talking about renting out her condo once the new loan was in place and buying a house? I was amazed she messed up once and was being helped out and was going right back in.
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