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Hello Wifey21,
That mortgage company actually proved why there is such a need for what we do. Remember, the person at the mortgage company is interested in getting you the biggest mortgage they possibly can whether you can afford it or not, since it gets him or her a bigger commission. This is the very same greed that caused the mortgage crisis in the first place. NACA’s objective is to get you the maximum amount you can genuinely afford.
If you need to pay down your credit cards to qualify for a bigger mortgage with NACA, it’s going to be in your own best interest to do so. Don’t forget that the mortgage company will also get you a higher interest rate than NACA will. Combine that and the significantly larger “preapproved” amount, and you are almost certainly looking at an unaffordable payment. At the very least you will be paying a much larger amount of interest over the life of the loan.
Work with your NACA counselor on exactly what you need to accomplish to increase your affordability under the NACA program. It will be worth thousands of dollars to you in the long run.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com