Don’t let the dream die
The American dream of homeownership took a turn for the dramatic in 2008 with the blow up of Bear Sterns and the realization that home mortgages (albeit subprime or low quality mortgages) could take down the entire banking system in the United States. As most extremes lead to other extremes, this catastrophe led to increased and tighter regulations where mortgages were concerned. We went from an environment where anyone with a social security number could get a mortgage to a high level of scrutiny for even the highest credit quality applicants.
As a financial advisor, I have witnessed the pain of buying a home or re-financings alongside my clients. And after witnessing the challenges, I want to make sure that others are prepared for the process if they are about to go through it. The best way to tackle any challenge is to prepare for it, and here are some steps I believe everyone needs to go through before buying a home.
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