Everyone, from the wealthy down to the hourly worker, wants to own a home. It’s the American Dream right?
Until around 15 years ago, if you didn’t have money for a down payment and pretty good credit, it was almost impossible to get a mortgage. Then things started changing. Banks started approving mortgages for more and more people. Suddenly everyone could have a home of their own.
But the mortgage companies weren’t being kind, they were secretly getting ruthless. They started peddline mortgages with adjustable rates, interest-only payments, and multiple-payment options. Why did they do it? Simple – to make more money.