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Originally Posted by BAGAGT1
In an ideal world your bankers, loan officers, insurance agents, mortgage brokers, and stock brokers would try to sell you products and services that would really benefit you rather than pushing products based on the commisions and exhorbant fees they can generate.
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Too true. When we applied for our mortgage loan, they approved us for an eighty-ten-ten loan configuration that would have allowed us to buy a 300K house. When I told the loan officer that I didn't think we could afford that, she acted shocked. "We would never approve you for more than you can afford," she said.
We could have maybe stretched ourselves extremely thin and bought a 140K house, but instead we bought what we could truly afford: a 90K house (including renovations). Thank god we did. I already feel strapped enough. What if I had listened to them and was now paying down a 250K mortgage? I'd be crying now.