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If you live in Utah, undoubtedly you have heard of the
bankruptcy problem pinching the whole state. For several years
now, Utah has held the devious honor of ranking among the states
with the highest annual bankruptcy filing rate. There is likely
more than one explanation for such a phenomenon. At the very
least, there is no easy answer as to why exactly so many
citizens of Utah struggle with financial issues. In fact, one
might expect the opposite of Utah citizens, given the strong
presence of The Church of Jesus Christ of Latter Day Saints and
the powerful admonition the president of the church, Gordon B.
Hinckley, stresses to its members. President Hinckley strongly
advises against incurring any unnecessary debt in addition to
living beyond one's means.
Clearly the State of Utah is full of citizens who understand the
dangers and trappings set by debt, yet they are no better off
then the rest of America. In fact, relative to the other states,
Utah is in considerably worse condition. One of the problems can
be explored by examining a Utah mortgage. When you are looking
to buy house, many people will advise you to purchase as much
house as you can afford. Perhaps this is good advice, as real
estate prices traditionally trend upward, and the best homes
command the highest appreciation. However, if this advice is
taken out of context or misunderstood it can prove devastating.
Working Example
For example, let's assume Tom O'Dell received the same advice we
just discussed. His neighbor counseled him to take advantage of
the low mortgage rates and buy the best house he could afford.
All in all, this was sound advice. If you can afford a nice big
house than you probably deserve one. So Tom started looking
around in upper middle class neighborhoods looking for his dream
home. After a week he stumbled across a house that was perfect.
It had a great backyard for his kids, his wife would have her
own sewing room, and he would get the home office he had always
longed for. Based on his income stream, Tom had decided he could
afford a $300,000 house. Tom was devastated when he saw the
asking price of the house was $3750,000.
When Tom told the real estate agent of his dilemma, how he loved
the house but it was just out of his price range, the agent
responded positively. The agent seemed confident the price could
be negotiated down to $365,000, and that given Tom's steady
stream of income for the past 7 years he could obtain a mortgage
bridge loan and easily qualify for a bigger Utah mortgage than
he had anticipated. As it turns out, the real estate agent was
right. The sales price of the home was talked down, the bank
agreed offer Tom a short term mortgage
bridge loan which could the be rolled into a more permanent
mortgage for his new home, and Tom was able to buy his dream
home.
What Did We Learn?
Everything worked out just dandy for Tom, so what's the problem?
Glad you asked! The problem is one that is so often overlooked.
The amount of money you can afford to spend on a house, and the
amount of money the bank is willing to loan to you are two
entirely different figures. Just because the bank is willing to
loan you $365,000 for that dream house of yours does not mean
you can afford the monthly payments. What you can afford should
be determined by your monthly cash flow, especially taking into
consideration your income as well as your debt that must be
serviced. Quite frequently a bank will be willing to loan you
more than you can afford. The trap is easy to fall into,
especially when you have visions of that perfect house
circulating in the back of your mind.
Don't let a mortgage drive you into bankruptcy. Securing your
next Utah
Mortgage can be a pleasant experience, and remain so for the
life of the loan, so long as you remember that what you can
afford and what the bank will loan you are not one and the same.
Adam Smith is an information author experienced in
affiliate program management.
More information on a Utah Mortgage
is available at SNCloans.com.
About the author:
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