| A good education leads to a great-paying career; job | | | | It would appear that the strain of owning your own |
| security affords the dream of owning your own home | | | | home is inevitable. Existing homeowners with |
| becoming a reality. Sounds good, doesn't it? | | | | Adjustable Rate Mortgages (ARM's) should expect to |
| Once upon a time, that was more than likely an | | | | see an increase in their monthly mortgage payments, |
| achievable dream. These days, however, with housing | | | | especially once the initial fixed-rate period ends. And, |
| costs devouring about 70% of an individual's gross | | | | those homeowners who want to sell or re-finance will |
| income, keeping a roof over one's head may be the | | | | find it more difficult to get a loan now that the real |
| most we can do... never mind owning the house! | | | | estate market is softening, and the mortgage industry |
| Being employed, does not offer the same security to | | | | is plagued with problems. |
| families that it did during our grandparent's era. The | | | | Cities like Stockton, and Long Beach, in California, and |
| cost of living is not compatible with surging home | | | | Miami and Fort Lauderdale in Florida seem to have the |
| prices; health care; property taxes; insurance; | | | | highest percentage of homeowners paying between |
| education... and, on and on, and on. | | | | 30% - 50% of their incomes on housing. |
| After you have paid the excessive amount of income | | | | With a population of 300,000 in Stockton, California, to |
| required in order to live in your own house there is not | | | | date there have been over 8,000 foreclosures in the |
| much left over for necessities (let alone life's little | | | | past 8 months! |
| luxuries)! | | | | If you are a potential homeowner educate yourself |
| Housing crosses the threshold of being un-affordable | | | | about the market. Learn about adjustable rates, |
| when you are spending 30% or more of your "before | | | | refinancing, and pre-payment penalties. |
| tax-income;" yet almost 40% of U.S. homeowners with | | | | Having a dream is a necessity in order to achieve |
| a mortgage are living that reality. And, over 7 million | | | | goals; home ownership should not become a stigma |
| households are spending 50% of their gross monthly | | | | attainable only by a select few. |
| income on covering their home loan, and basics, like | | | | Don't let your dream become a living nightmare! Own a |
| utilities. | | | | home; but only if you can afford it! |