CHAPTER 1
What Happened, and How Did We Get Here?
TO THE CONSUMER, it may seem like a mortgage is a mortgage is a mortgage. Find a house, put some money down, and move in. But the mortgage industry has gone through some major changes that affect absolutely everyone who wants to obtain financing to buy a home. Everyone.
Understanding and interpreting these changes is critical to properly planning for the right financing. Make a mistake, and you’ll get the wrong loan. A mistake on a 30-year mortgage means a potential reminder of that mistake for the next 360 months. It can even mean the difference between getting approved or not getting approved. ...
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