"The American Dream"...Is it just a dream?

The "American Dream"...we hear about it all the time. Virtually everyone in this country wants to own their own home. So once we find out that we are qualified to purchase a home, we then get connected with a real estate agent and rush out to find the home of our dreams. The thoughts that go through our minds-"Independence", "I'm finally going to own my own home", "This is one of the best investments I'll ever make in my life." There's nothing wrong with thinking these wonderful thoughts. Buying a home is a major purchase and arguably one of the best purchases/investments one can make in life.

So you find that "Dream House" and you lock it under purchase and sales agreement. You have the inspections done and everything checks out fine. The appraisal comes back in tune also. You get the "clear to close" from the bank and you sign the mile high stack of documents in a rush. "Congratulations, you are now a homeowner!!!" Or are you really? You now have a 30 year mortgage. Seems normal, right? Your parents, grand parents, and great grand parents all had 30 year mortgages so there's nothing wrong with you having a 30 year mortgage too, right?

Oh, and I am not suggesting you go out and get a 10, 15, 20 instead. There's a lot of information involved with owning a home that the banks simply won't tell you about. Thank God you found us.