Life doesn’t always go according to plan. You’ve heard that saying before. When you have financial trouble, it can affect your credit score. Today, that makes qualifying for a loan or mortgage very difficult….. but not impossible.
With all the new mortgage rule changes over the past 5 years, its made borrowing at reasonable rates almost impossible. Many of us have been forced to borrowing on our high interest credit cards or finance loan companies. These credit facilities carry huge interest rates and short amortization periods resulting in very high monthly payments. (by the way, isn’t it ironic that the Federal Govt has tightened mortgage rules every year for the past 5 yrs but they haven’t touched the higher interest credit card companies and finance companies! Who owns the credit card companies and finance companies? That’s right.. the BANKS! Who’s interest are they looking out for?)
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