Email L. Henry Platt, Jr.
PATIENCE AND PRUDENCE
More than half a century ago when Dwight D. Eisenhower was President, Patience and Prudence had the answer to today's housing crunch. President G. W. Bush is wrongly blamed for the mortgage collapse when two young sisters had the answer over fifty years ago when they sang, "Tonight you belong to me." The names of these two young girls told the answer: Patience and Prudence are always needed when any major enterprise like marriage, college choice, or the purchase of a home is being contemplated.
Standard banking requirements usually include proof of income sufficient to meet the obligations of owning the home, a suitable down payment of at least 20%, and a credit history predicting that you will be sincere and dependable in repaying the mortgage.
If the home buyer does not understand what is happening, he should find out before he finds himself cheated and destitute. This doesn't absolve the underwriter or the mortgage broker, but in a free society, everyone is responsible for his own life - both physically and fiscally. More than 2000 years ago the Romans warned, "Caveat emptor!"
So, when you hear the voices of those young girls singing, "Tonight you belong to me," remember that buying a home is a serious undertaking, and that you must have both Patience to save sufficient money to qualify for lower interest rates on a home you can enjoy and Prudence to see that you are getting a fair deal! Then you may join the two young sisters as you all sing to your new home: "Tonight you belong to me!"
If you are in a mortgage pinch, please, feel free to phone:
© L. Henry Platt, Jr.