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August 1, 2007 at 12:17 PM #69226
HLS
Participant

But wait !
There are dishonest mortgage scum that will tell you about the 1% rate and how affordable your payments will be.
They wont tell you that will earn a fat commission and screw you into the loan (if you let them)

They also wont tell you that your true interest rate is at least 35% higher than what it really needs to be, or that your loan balance will go up every month, until you lose your home to foreclosure.

Oh, you don’t speak English ? No problem! Let me get someone who speaks your language, so you will be more comfortable, and they will NOT tell you any of the truth either.

Yep,, that’s EXACTLY how it happened…
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Now, when you deal with someone like me, they will tell you that you probably shouldn’t buy a home for more than 4 times your annual gross income, (maybe 5x) depending on how stable your income is and how much monthly debt you have, and your overall financial picture.

As far as lender is concerned, you might be able to qualify and get approved with monthly debt payments of 55%-60% of your income, but I don’t think it’s a good idea.