Tuesday, September 27, 2011

Impatience Prevents Foreclosures

I just read an article entitled, "How Excitement Killed A Home Buying Dream," which discusses the foolishness of home buyers as they are unaware of the long process. They assume that once an offer is accepted and they pre-arrange their finance, that everything is fine until settlement day. However, there are many other factors that can affect the final mortgage approval. People are unaware of these possible influences, and spend a large sum of money (and credit) on furnishing the American dream, which puts them in a huge hole when future problems arise. Once again, ignorance and impatience can have an extremely negative impact on credit.

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