rules

The speaker shares their expertise on mortgages in a video. They give three rules: 1) if you don't pay your mortgage, you can't stay in the property, 2) your loan officer works for the bank and their job is to sell you money, and 3) riskier loans come with higher costs. The speaker emphasizes that when you get a mortgage, you are borrowing the bank's money and if you don't pay, they will take the property. The cost of borrowing increases with the risk of not paying. Okay, in every video I give you the benefit of my expertise. I got my first year of mortgage experience as a loan officer in 1993. I can boil it all down to three rules. Rule number one, you sign for a mortgage, no pay, no stay. Rule number two, your loan officer is your friend. The bank pays your friend to sell you money so the bank can charge interest and fees on the money you use. So rule number two, a mortgage is the bank's money, not yours. Rule number three, and this one cost me thousands of tuition dollars to earn my MBA in real estate development, but you get it for free. The riskier a loan, the higher the cost of that debt. So to sum, when you get a mortgage, you borrow the bank's money to stay in real estate. They will take if you don't pay as agreed. And the greater the risk you won't pay them back, the higher the cost to borrow. Amen?