04/24/2024
If you financed the purchase of your first home 🏡 after 1975, you were affected by Property Disclosure legislation 📜 that required your mortgage lender to show you the bottom line. Before you signed🖋 on the dotted line, you saw exactly what you would end up paying for that $40,000 house at 9% interest.
There was an appraisal and likely an inspection to make sure that the value of that house was worth the💰. You were told how much your monthly payments would be including the interest. Do you remember?
Do you remember how you felt when you saw more than $115,000 on that statement⁉ 😨 Do you remember feeling like you wanted to back out - maybe even 🤢?
How old were you when you financed that first home? 🎂 Through how many hoops did you have to jump *before* you were approved for that loan and closed on that house? When you thought about buying a home, was buying it without a loan an option for you? Was borrowing to buy a home a socially accepted action? Did you appreciate the difference between fixed and variable interest rates and their impact on you life? 💸 If you chose a variable rate and it suddenly increased your monthly payments, what were your options?
Now consider being a 22-year-old 👨🎓 Your family is proud! You really can be anything you want to be in America. Just before you graduate, you must complete your financial aid exit counseling. At that time someone sits with you and explains your Student Loan Disclosure Statement like they do at your home closing. Did you experience that sticker shock❓
OMSL is here to help in those situations where post-graduation scholarships will be useful⁉
