FYIs for people looking to borrow money to buy a home
As a public service, here is some information for people considering taking out a loan to purchase their next home:
* If you take out a home loan so you can pay off your SUV and your truck, and then lose your job, and your mom moves out and stops helping out with your loan payments, and you can’t afford to make your home loan payments, you may lose your home;
* If you already own a home and then buy a second home before you sell the first home, and the first home never ends up selling, you will owe money on both homes, and if you can’t afford to make your home loan payments, you may lose your home(s);
* If you lose your job because the local economy goes sour, and you can’t afford to make your home loan payments, you may lose your home;
* If you take out a loan which doesn’t cover the interest and principal due, in full, the remainder will be added to your principal; if you can’t afford to make the higher home loan payments, you may lose your home;
* If you lose a finger in an accident, and can’t work for several months and you can’t afford to make your home loan payments, you may lose your home.
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