In a recent article appearing on IndyStar.com*, it was reported that Indiana and Ohio lead the nation in the number of home mortgage foreclosures. As the article describes, there are many reasons for the high mortgage foreclosure rate. Regardless of the reason, one key to avoiding this situation is proper mortgage planning. Unexpected medical expenses or the loss of a job are likely beyond your control, however, you can control the decision regarding your next mortgage. Making an informed and educated decision regarding a mortgage refinancing, second mortgage, or home purchase loan will help you avoid trouble. Remember the following the next time you are shopping for a mortgage.
Think Independently Most children have heard this sage advice If your friend jumps off a cliff, are you going to jump, too?essentially meaning think for yourself. That same philosophy applies when talking to your loan officer. Just because he/she states that you qualify for a certain mortgage refinancing, second mortgage, or home purchase loan amount does not mean you should accept the loan. Compared to a few years ago, todays lending guidelines accept higher debt to income ratios and/or...
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