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	Everybody starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get ill, yet we find many a young man, hardly out of his "teens," running in debt. He meets a chum and says, "Look at this: I have got trusted for a new suit of clothes." He seems to look upon the clothes as so much given to him; well, it frequently is so, but, if he succeeds in paying and then gets trusted again, he is adopting a habit which will keep him in poverty through life. Debt robs a man of his self-respect, and makes him almost despise himself. Grunting and groaning and working for what he has eaten up or worn out, and now when he is called upon to pay up, he has nothing to show for his money; this is properly termed "working for a dead horse." I do not speak of merchants buying and selling on credit, or of those who buy on credit in order to turn the purchase to a profit. The old Quaker said to his farmer son, "John, never get trusted; but if thee gets trusted for anything, let it be for 'manure,' because that will help thee pay it back again." Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. "If a young man," he says, "will only get in debt for some land and then get married, these two things will keep him straight, or nothing will". This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided. Some families have a foolish habit of getting credit at "the stores," and thus frequently purchase many things which might have been dispensed with. It is all very well to say; "I have got trusted for sixty days, and if I don't have the money the creditor will think nothing about it." There is no class of people in the world, who have such good memories as creditors. When the sixty days run out, you will have to pay. If you do not pay, you will break your promise, and probably resort to a falsehood. You may make some excuse or get in debt elsewhere to pay it, but that only involves you the deeper. A good-looking, lazy young fellow, was the apprentice boy, Horatio. His employer said, "Horatio, did you ever see a snail?" "I - think - I - have," he drawled out. "You must have met him then, for I am sure you never overtook one," said the "boss." Your creditor will meet you or overtake you and say, "Now, my young friend, you agreed to pay me; you have not done it, you must give me your note." You give the note on interest and it commences working against you; "it is a dead horse." The creditor goes to bed at night and wakes up in the morning better off than when he retired to bed, because his interest has increased during the night, but you grow poorer while you are sleeping, for the interest is accumulating against you. Money is in some respects like fire; it is a very excellent servant but a terrible master. When you have it mastering you; when interest is constantly piling up against you, it will keep you down in the worst kind of slavery. But let money work for you, and you have the most devoted servant in the world. It is no "eye-servant."There is nothing animate or inanimate that will work so faithfully as money when placed at interest, well secured. It works night and day, and in wet or dry weather. In the former "blue-law State of Connecticut", where the old Puritans had laws so rigid that it was said, "they fined a man for kissing his wife on Sunday". Yet these rich old Puritans would have thousands of dollars at interest, and on Saturday night would be worth a certain amount; on Sunday they would go to church and perform all the duties of a Christian. On waking up on Monday morning, they would find themselves considerably richer than the Saturday night previous, simply because their money placed at interest had worked faithfully for them all day Sunday, according to law! Do not let it work against you; if you do there is no chance for success in life so far as money is concerned. John Randolph, the eccentric Virginian, once exclaimed in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go."This is, indeed, nearer to the philosopher's stone than any alchemist has ever yet arrived.

Even veteran mortgage brokers agree that it is important nowadays for people who want to get mortgages and loans through brokers to get good ones : ) Most brokers who have been in the business twenty to forty years ago admit that the mortgage and loan scene at present times is far different from the one twenty to forty years ago.

Before, traditional mortgages come in fixed rate packages with the same price and the same length of paying period. Now, it's different, they have a new system called the hybrid adjustable rate loan. This is a fixed rate loan for anywhere from 3 to 5 years - then becomes an adjustable rate loan. However it may only increase or decrease by one (1) percent each year which isn't all that bad.

For instance, if your rate was at 7.0% and the next year rates went up to 9.0% your mortgage rate would only go up to an 8.0%. Now if rates went down to a 6.0% of course you would get the lower rate without having to refinance again.

Leonard Wineburgh, a broker and president of Chicago-based Dwinn Shaffer & Co tells us why things are so different in the mortgage sene now compaired to twenty to forty years ago.

Interviewed in a recent article in the National Real Estate Investor, he said that there were no prepayment penalties before because these weren't existing yet. Aside from this, he claims that there were only a handful of lenders to work with and searching for a loan was not as complex as it is now.

He also noted that loans today have different kinds of provisions that a mortgage broker must work with aside from documents such as appraisals, guidelines from Environment Protection Agency, engineering reports and other paper works that weren't available years ago. He said that the loan business is very sophisticated nowadays.

Sophisticated and always changing, yes. Loan companies keep on churning out packages and programs that offer several options and choices in mortgages. Which is a good reason why borrowers should seek a good mortgage broker.

Another reason why a borrower needs a good mortgage broker is to spare him from headaches and other expenses. With work and families taking up our time, it's difficult to keep up with interests and rates that change as frequently as the weather aside from keeping track of lenders that could offer us the lowest and best deals.

These two facts are the reasons why a mortgage broker comes in. A mortgage broker could find the lowest rates easily for their clients with their access to numerous lending contacts. Aside from this, they can negotiate provisions that could be bothersome for us to do personally and find stop-gap financing should a traditional loan comes up with some problems. A mortgage broker can also ensure that the closing for the loan or mortgage comes on schedule following the contract.

But, before getting a mortgage broker, it is important to remember that any broker is not necessarily a good broker. Some deals can either make or break depending on the broker you choose. Here are some guidelines that can help you decide the broker who is right for you:

* The mortgage broker must be affiliated to many lending institutions and should be licensed.

* The mortgage broker should be working at a reputable institution. The name of the company could be checked at the Better Business Bureau or the Chamber of Commerce.

* The mortgage broker should provide you with the names and contact numbers of people who can be contacted for credibility check.

* The mortgage broker should ask you what you want on your loan. He must ask you questions rather than on giving you lots of facts. He should prioritize what you need and should come up with ways to fit this with various deals available in the industry.

* The mortgage broker should have with him various lists of deals that he can offer. This is a good quality because if not, you might not get the best deal to fit your needs.

* The mortgage broker should be knowledgeable and competent with everything that concerns a mortgage or a loan.

* The mortgage broker should be paid on commission which will make him or her work harder for you.

* It is recommended that the mortgage broker should have a local branch near you for it to be accessible should there be any problems with your loan.

If you find a mortgage broker who has all these qualities, then you need not worry. You will be in safe hands while dealing with your mortgage.