So You'd Like To Own a Home?

Thursday, November 18, 2010

The American dream: home ownership.
The great American fear: debt and a mortgage you can’t afford.

So how do you go about buying a home, affording it and making your family happy with the new purchase?

When you purchase a home, you are doing a few things for yourself:

Building equity – as you pay down the mortgage, you establish equity in the home (meaning it’s worth more than you owe; the difference is called equity)

Building credit – as you successfully make payments (on time) towards the mortgage, you are rewarded with an increase in your credit score

Supporting the economy – which in turn will help boost your community’s economy

When you decide to buy a home it’s key to set a budget, establish clear goals for your family, do your due diligence on the community and neighborhood and narrow your choices of available homes. If you don’t find something you like on the market, build a home to suit your needs. Don’t let someone else’s idea about a home dictate your day-to-day living.

Once you decide to buy / build a home, it’s time to start the process of obtaining a loan. This process can be long and very detailed. Finding a good mortgage broker or lending institution is key to having someone walk you through the process. There are many personal questions and documents that are required to satisfy the lender's requirements for you to obtain a loan; be prepared with tax documents, proof of employment, solid credit scores and the like.

Finally, make a wish list for your next home. Write down the things you want and the things you feel like would benefit your family. As long as everything is realistic, and in the budget, there is no reason you can’t accomplish your goal. This information will help your real estate agent or builder help you find the home of your dreams. Dream big, shoot for the stars and you too can achieve the American dream. With proper planning and assistance from reputable professionals, home ownership can be a success, not a headache.


Shea Whitmire is the President of Whitmire Homes, a home builder in Georgia. The Whitmire family has been building custom homes for more than 30 years and has a proven track record of helping people find a way to make their dream home a reality.

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