“Qualified to the Max, NOT always Smart”

   “Qualified to the Max, NOT always Smart”

Dear Mr. Petrowsky,

It has been a couple of years since we communicated and this is all a bit uncomfortable as well. My wife and I met with you and you took us through the pre-qualification process. Unfortunately we did not pay attention to your sage advice at the time and went ahead and purchased a home that was over our heads.

I still remember you explaining the difference between how much we qualify for vs what is our comfort level for a monthly payment. You translated what we could afford based on our comfort level for a mortgage payment, but unfortunately we didn’t listen and ended up purchasing a home over $50,000 higher, that we truly can’t afford.

We have just listed our home, but not sure if we will break even or will need to bring money to closing. No matter what we need to get out from under the debt, as we have added credit card debt which doesn’t help.

The purpose for sharing all this, can we work together again? We are moving to New Hampshire and I know you are licensed to do mortgages there. I have already accepted a position, fortunately with a higher salary.

I will follow up with a phone call so that we can discuss my income and what our comfort level is for our next mortgage. I promise, this time we will pay attention.

All the best.

 Jason.

These folks are not alone. Many ask what the maximum they qualify for is. I will always ask what someone’s comfort level is for a monthly mortgage payment. Those two numbers are most often very different. When folks live to make a mortgage payment it can be a formula for disaster.

When you buy based on a maximum mortgage payment there isn’t room for other possible dollar needs. How about car repairs, home repairs or going on vacation? Putting it all on a credit card is often their answer.

Don’t fall into this kind of trap. Get pre-qualified based on your comfort level for a mortgage payment. I promise, you will sleep better!