In this podcast episode, Coach Clarence introduces Mortgage Madness and discusses common mistakes made by loan officers in the mortgage business. One mistake often seen is approving people for loans without fully explaining the payments involved, including taxes, insurance, and homeowner's insurance. This can lead to unexpected payment shocks for borrowers. Coach Clarence emphasizes the importance of providing all relevant information and numbers up front to ensure borrowers are comfortable with the payment and understand the true cost of the purchase. The episode also touches on the upcoming resumption of student loan payments and the impact on the debt-to-income ratio. Additionally, eye-popping economic statistics are shared, including the staggering federal student loan debt and credit card balances. The episode ends with a mention of how these factors can potentially affect mortgage rates.
[00:01:11] Not showing full payment details.
[00:04:30] Record credit card balances.
[00:10:23] Low down payment program.
[00:13:10] Reverse mortgage options for elderly.
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