What's the real difference between someone who gets approved for a mortgage and someone who actually keeps their home for 30 years?
In this enlightening episode of Free Game Friday, hosts Ed Averette and Terence Guess dive deep into the critical differences between mortgage prequalification, preapproval, and upfront underwriting. The duo breaks down why so many homebuyers are setting themselves up for failure by house hunting with insufficient financial preparation. Terence shares real-world examples of foreclosures in his own neighborhood, emphasizing that financial hardship can strike anyone regardless of profession or income level. The conversation explores the harsh realities of mortgage lending, the importance of having substantial savings beyond just the down payment and why taking a chance on yourself is the first step before asking a lender to take a chance on you. Ed and Terence challenge listeners to move beyond social media's portrayal of easy homeownership and embrace the discipline required for true financial preparation.
