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Borrowing Money Is Easy To Understand As Long As You Keep This Concept In Mind:
Loan unto others as they would loan unto you!
If a total stranger approached you on the street and asked to borrow $500,000 from you to buy a house, what would you request from that person before you lend them money? Think deeply about this question and imagine you are a bank and you have to lend your money to strangers you know nothing about. Where would you begin? This is the key to understanding the mortgage lending process.
Many people get angry with all the questions, letters, and paperwork that’s required to obtain
a mortgage, but if you think about it from the perspective of “what if it were my money,” you
might come to appreciate all those questions being asked of you.
