Home Ownership Is The American Dream !

For many years, the idea that ones’ home being the largest investment was said as a complete sentence when in fact, it was only an incomplete sentence. Any duly licensed financial planner would finish that sentence by saying all investments are subject to market conditions, the value that investment could increase or decrease and other similar cautionary statements that their attorneys wrote to protect them. The American public only heard that their home was the largest investment and had never experienced, nor had their parents seen the value of their personal homes drop like they did in the past few years. They had never experienced the financial pain and although only a few years have passed, many have forgotten and are ready to jump right back into homeownership.

Too many Americans have fallen victim to the crisis that has become the norm for our citizens these days. Lenders no longer want to work with individuals who have gone through the foreclosure process and for many it is not only their homes they lose. Some have lost their jobs and/or families, others fall into a deep depression and worst of all some have taken their own lives.

A second mortgage loan officer, Sarah Harris, agreed to a $450,000 mortgage for a 20-year period at 8% interest rate after appraisal based on an income approach using 10.9% capitalization rate. Although not certain of her judgment, she considered Alexander’s projected figures realistic, but required him to personally sign the note as additional protection to the bank against loss.

In previous years homeownership is was what people in the United States showed pride in, up until recent years after the fall in the market economy. The current homeownership in the United States have declined significantly since the years have passed and is now the lowest it has been in decades. Even though the housing market has been improving over the years in the United States, and the increasing homeownership rate is a worthwhile policy goal for America, home ownership still continue to decline.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

During this time period, homeownership typically required a 20 percent down payment (Melicher & Norton, 2014, 168). Lending institutions were very careful about whom they lent money to, and credit standards were high (Melicher & Norton, 2014, 168). Melicher & Norton (2014) called this the “save now, spend later” philosophy, and it would change in the coming years (p. 168).

Homeownership is the American dream and the U.S. Department of Veteran Affairs (VA) makes it possible for veterans, and eligible spouses who serve finance the purchase of their own homes. With the help of the VA, banks and other mortgagees are able to provide favorable home loans with a comparable lower interest rate, as well as, VA home loans zero down in Ocala, Florida. These loans are flexible and can be used to purchase your own home or to repair, build, adapt or retain your personal property. The term veteran refers to active duty service personnel, certain members of the Selected Reserve and spouses of a certain category. This means that residents in Ocala, Florida who are categorized as veterans should take advantage of a VA home loan if homeownership is in your near future.

Europe and elsewhere to the United States, and from the east to the west within the

No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves

Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once

Homeownership is one of the many aspects that make up the equation of the American dream. Buying a home for the first time brings pride of success and independency from the person who has this opportunity. This American dream is something that parents dream for their children from the time that the child is conceived. Being able to buy a home for the first time is an accomplishment and a dream of a lifetime. However, this dream isn’t cheap and cannot happen in a short amount of time. When a person buys a house there is a lot that goes into it such as knowing about your credit, your budget, and the type of home that you would like to purchase.

Homes are typically the biggest purchases the average American will make in her lifetime. The average home mortgage requires a down payment equal to 20% of the purchase price. The remaining amount is paid monthly throughout the course of 30 years, on average. This makes the home mortgage a substantial and constant monthly expense for the average homeowner. (Egrungor & Zaman, 3).

In this paper, I will discuss about a project that many people are familiar to: buying a new house.

Mortgage lending is a major sector with the United States financial market today. “The modern mortgage has only been around since the 1930s, but the idea of a mortgage has been around for a lot longer.” (History of Mortgages, 2016) The literal meaning of the word ‘mortgage’ has Latin roots: ‘mort’ or death and ‘gage’ or pledge. Translated it supports “the idea that the pledge died once the loan was repaid, and also the idea that the property was ‘dead’ (or forfeit) if the loan wasn’t repaid.” (History of Mortgages, 2016) A mortgage is an agreement for the terms of your home loan, technically not the home loan itself. Real estate transactions require written documentation and this is the purpose of a mortgage.

One of the first indications of the late 2000 financial crisis that led to downward spiral known as the “Recession” was the subprime mortgages; known as the “mortgage mess”. A few years earlier the substantial boom of the housing market led to the uprising of mortgage loans. Because interest rates were low, investors took advantage of the low rates to buy homes that they could in return ‘flip’ (reselling) and homeowners bought homes that they typically wouldn’t have been able to afford. High interest rates usually keep people from borrowing money because it limits the amount available to use for an investment. But the creation of the subprime mortgage