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When you
get a raise or accumulate some savings, you may find
yourself confronted by an innate instinct of modern
civilized men and women.
The desire to spend
money.
It begins
simply, by going out to restaurants, then accelerates to
purchasing clothing, electronic gadgets, and since North
Americans have a special fondness for the automobile, you
may even buy a "brand new car."
If you're
married or ambitious, a few months later your thoughts
eventually turn toward buying your own home. Or a
move-up home, if you are already a homeowner.
Next, you
contact a loan officer to get prequalified for a mortgage
loan. You state your desired price and how much you
can put down. You provide your income and may even
supply pay stubs and W2 forms. The loan officer
methodically crunches the numbers (by telephone, in
person, or even over the internet).
"If only
you didn't have this car payment..."
©2000 by Terry Light and RealEstate ABC, revised 2004 |
