Unsought Input

Apparently what needs two six-hour classes on the first two Saturdays of spring can be summed up within a couple paragraphs (at least in a couple installments) on a slightly successful somewhat humor associated blog. I am, of course, referring to the first time home buyer class my lender has required me to attend in order to obtain a state subsidized mortgage. I’m not knocking the program as it is meant for first time home buyers. But the elementary view and information this class provides these hopeful and somewhat naive homebuyers is almost worthless. At first I assumed the audience was somewhat knowledgeable in regards to personal finance. I mean, this is a class for people ready to make the biggest purchase of their lives. However, I was seriously surprised when more than a few hands raised to notify the teacher that they didn’t know what a “Credit Score� was.

As I sat in the freezing room filled with plastic folding chairs listening to a real estate professional, a home inspector, and a real estate lawyer try to drum up business for themselves instead of educate home buyers, I decided to put down on paper the important lessons and intricacies that may be useful to a somewhat more educated, or simply alive, first time home buyer that I’ve discovered not only during the home buying process but also through my experience as a former loan officer and what I’ve learned while preparing to sit for the Real Estate Licensing exam in Ohio.

Today’s topic – Preparing your financials for a Mortgage
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Dunkin Donuts, for those of you who don’t know, serves more cups of coffee a day than any other retailer in the US, including Starbucks. The chain, which is more prevalent in Boston than any other and maybe all other food franchises together, boasts the slogan “America runs on Dunkin.” This clever ad campaign uses a lot of catchy “They Might be Giants” songs, which have nothing to do with coffee or America, but never the less draws attention to the TV or Radio and more importantly to Dunkin Donuts.

When I first moved to Boston in January I didn’t get caught up in the hype too much. I wasn’t a coffee drinker, rarely ate breakfast, and couldn’t even tell you where the closest Dunkin’ was to my house. Soon though, I became sucked in. After a few months of heavy drinking in my new city, I decided I needed a new cheaper vice. First, I contemplated cocaine, but decided that wouldn’t be much cheaper or very convenient. Second I tried self-asphyxiation; it provided a nice buzz, but several times I blacked out and/or broke blood vessels in my eyes. Then in a moment of weakness to mass marketing, I stopped at Dunkin Donuts and bought my first Iced Coffee or “The Ice” as I’ve come to call it.

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