Being accepted for a home mortgage loan can be one of the happiest days of your life. But for some, it can mark the beginning of a bad end. The effects of losing one’s home to foreclosure have long term ramifications, not to mention the long road to credit repair.
The only good thing about the misfortune of others is that it serves as a cautionary tale for buyers seeking home mortgage loans in Tampa Bay. While greed on the part of some lenders was at the foundation of the mortgage meltdown, irresponsible borrowing and living beyond one’s means was also a culprit.
While I may sound like the archetypal mortgage banker or an Ebenezer Scrooge wanna-be, it is imperative that home buyers work with a trusted Realtor and an ethical and responsible mortgage lender to determine how much house is too much and what loan product is the most suitable for present day income levels and projected earnings.
Over the years I’ve had people come to me and tell me that “such and such bank will finance my purchase” — but such and such bank may not be taking into account your entire financial picture and all the variables. Variables can work to your advantage in your home purchase, but certain ones will hurt in the long run.
At the end of the day, you don’t want to become a foreclosure statistic for the wrong reasons.