As I’ve been saying for quite some time now, you need to work with a mortgage planner. This will help you avoid pitfalls down the line. A loan is not just a run of the mill product you get like a toothbrush. Sure your brother-in-law is a loan officer or your co-workers ex-husband does loans on the side, the bottom line is are they qualified. I believe most of the problems you see these days could have been avoided if people had only worked with a qualified professional.
Late Mortgage Payments Reach High: Financial News – Yahoo! Finance: “The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released Tuesday, reported that the percentage of payments that were 30 or more days past due for all loans tracked jumped to 4.95 percent in the October-to-December quarter.”