[0:00]
Everybody always wonders how that mortgage thing happened in 2,008. Was it crashed the whole system? Well, I can tell you, I was 21 years old in 2,001 and went to go buy a house. We were both making roughly about $9 an hour. That didn't equate to a lot of money, but we thought, hey, let's see what we can do. A lot of our friends are getting approved to buy homes. Let's see what's out there. We go sit down with the bank, and they approve us for $279,000. We were like, hmm, we're not gonna be able to afford that. 
[0:31]
But that gets us to the price range that we know we can afford. So we set our budget at about $100,000 because we knew at the rate of pay that we made, we would always be able to make that payment. Well, when we finally found the house, after six months of looking in, the real estate agent being in cahoots with the mortgage broker, showing us houses well out of that price range just because we're pre approved. And we keep telling our real estate agent, hey, we can't afford that. Hundred thousand dollars is gonna be our max budget. And then we had to drop our real estate agent 
[1:03]
because she kept showing us houses that were out of our budget. And she just kept saying, I can't understand why you won't take out the max amount loan that you've been pre approved for. Well, our math says we can't afford that, man. So we finally found a house that was in our price range, $97,000. Now, this was a move in ready home. Did it need some update? Sure. But for us, it was going to be perfect. It was move in ready. So we went ahead and made an offer on that house. After we had to get a new real estate agent. 
[1:35]
So once the offer was accepted, we went back to our mortgage broker at the bank and asked, you know, to sign all the paperwork, get everything done. And she berated us. She was like, you are the stupidest people ever. I've approved you for $279,000, and why you're not taking it out, I don't know. And we were like, well, we can't afford that. And she was like, no, I've got it set up where you've got this five year mortgage where it's really low payments, and then there's a balloon payment due at the end of it, and then at that point, 
[2:05]
you'll be making more money and you'll just refinance. And we're like, no, we're. We're assuming we're never gonna make any more money. That sounds like you're setting yourself up for failure, and we're not gonna do that. We're like, no, we just want a normal 30 year fixed rate mortgage. And she was like, nobody does those products. And I said, well, that's what. That's what we wanna do. And if we had to Fight this mortgage broker in order to be able to take out our 97,000 dollar loan because she pre approved us for something that obviously 
[2:35]
we could not afford. And then five years later, when all of our friends started being like, why is my mortgage payment gone up from $400 a month to $3,000 a month? Lot of but. And that's when all the foreclosure started happening, guys. These banks were out there telling people they could afford houses. They couldn't. And these people believed them because why wouldn't you? This is a bank. They wouldn't. Yeah. Oh, yes, they would. And they did. They would and they did. I don't. 
[3:07]
Don't ever, don't ever listen to those people, because you know what you can afford. And don't ever count your chickens before they hatch. Because where did all those people who said, oh, yeah, in five years I'll be making more money and I can afford to refinance? Half of those people lost their houses. That's how it happened, though, guys.