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Tuesday, March 16, 2010

As a single woman do you have different financial needs than a single man?

As a single woman - of a certain age - I was under the impression that all people who worked in the financial industry - lending and investing were created equal - and as a newly single woman - I needed to listen to their advice. What I found, with the men I worked with was - they did not understand what I needed to know from them - which was everything! As a single woman - I can tell you that if you are seeking financial advice regarding - anything - but especially mortgage information - you owe it to yourself to make sure the person asks you the following questions - how long to you plan to stay in the property, what is going to happen to your income in the next 2 - 5 years, what is going to happen to your status - are you going to start a family? Are you going to have parents who might need extra care? Why - because if your largest debt - your mortgage is not one that meets all your needs - today and for the next 5 - 30 years - you will lose a great deal of money. How do I know this? Before I was in the industry - I had a mortgage that over an 8 year period cost me about 70,000 more than it should have - because my loan officer took the application information asked me what kind of loan I wanted - and did not take the time to ask me a single question about my future plans - and because I was sure this man was a professional - I took the advice - and the loan. I will do all I can to make sure this does not happen to you!

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