“Two years ago, when Lewis was looking for a larger house, she easily prequalified for a nearly $700,000 house even though she had no down payment and a spotty credit record. It helped that she was willing to take on two loans to cover 100% of the cost…….I wasn’t completely aware of the mortgage terms but I knew it would adjust in two years,” she said. “Properties were still going up at the time, so I felt it might be a good time for me to buy.”
A $700K debt with a $4000 monthly mortgage. The article doesn’t state what her income is, but one must be making a VERY good income to afford that mortgage. How can someone who earns that much….blow it soooo badly and make the statement ‘I wasn’t completely aware of the mortgage terms.”
