I like to watch the real estate programs. There was one on called “My First Home”, or something like that, that takes place the United States of America.
They profiled three or four couples:
Couple 1 was counselled to get another credit card to boost their credit rating which was bad because they owed more than 50% on each of their existing twelve credit cards. All so they could then get a 0% down mortgage. That’s not a bankruptcy waiting to happen.
Couple 2 was approved for a mortgage after four tries, based on the fact they paid down $3000 of debt, and though they had another $20-something still to go on retail credit.
Couple 3 “got around” an extra insurance premium by taking out two mortgages – one for 80% of the price and one for 20% of the price. All to get a $142,000 house. If you can’t afford a down payment on that, you have no business buying a house. Period.
On top of all this, all of them were rejecting houses left and right because they didn’t have granite counter tops, or they were too small, or they didn’t have a jacuzzi in the master ensuite.
The American Dream may do a lot to motivate people who want to achieve, but it also creates a plethora of unrealistic expectations, and the system is doing it’s best to make foreclosures a continuing problem.
Live within your means. Life is much better that way.