My dad frequently said, "If you think you own your own home, just stop paying your mortgage and see who really owns it!"
And, each month, as I log online to pay mine, I ask myself that very question, "Who really does own your home, Joan?"
Yeah... Who does own it?
What an annoying thought.
Yet, isn't it fascinating that even with this sage advise, I still bought a house at the ripe YOUNG age of 20. Barely married two years and into the mortgage market I went.
Keep in mind, back then, mortgage companies did not take a wife's income into consideration to qualify. It didn't much matter that I'd been working since my teens.
And, let's not forget our credit scores went the way of the husband. Wives, and women, did not have credit scores, legally, until the mid 70's. 1974 to be exact with the Equal Credit Opportunity Act (ECOA).
So what possessed me to dive into a mortgage with that many roadblocks, lack of rights, and, as my dad said, "Who the heck owns this property anyway?"
Not to mention, I have "owned" seven homes since then. All of which have had mortgages. ALL OF THEM! How crazy is that!
The American Dream -- when did it become about owning a home?
Ever wonder who coined the term "American Dream?" Not only did he coin the term but he somehow managed to convince us we could have that dream.
A dream that we all grew up believing was the truth, the only way to live successfully in America.
Would you be surprised to find out that the American Dream was the brain child of James Truslow Adams. A man born to wealth, who began his career as an investment banker, turned writer and historian in his later years.
He persuaded us all that we could have that dream.
He had us hunger after the life he described -- "A life where everyone can live a rich life, where opportunities abound, and barriers of the past do not hamper our progress." (What is the American Dream in 2016).
But, when did the American Dream morph into a house in the suburbs, a white picket fence, 2.5 children, and a dog? Most would say it began in the long gone 1950's. And, yet, this dream is still very much alive today.
So, if the 50's are long gone, why is it we still hunger after and wish to own our own home? What is it that has us hold on so tightly to a dream of the past?
Here are seven reasons we use to buy a home... Reasons that I, too, have used, along with what I have heard from clients, friends, and... well, just about anyone who has bought into the idea of owning a home.
Equity. Money paid for rent is money never seen again, but mortgage payments build equity ownership interest.
Tax Benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
And, each month, as I log online to pay mine, I ask myself that very question, "Who really does own your home, Joan?"
Yeah... Who does own it?
What an annoying thought.
Yet, isn't it fascinating that even with this sage advise, I still bought a house at the ripe YOUNG age of 20. Barely married two years and into the mortgage market I went.
Keep in mind, back then, mortgage companies did not take a wife's income into consideration to qualify. It didn't much matter that I'd been working since my teens.
And, let's not forget our credit scores went the way of the husband. Wives, and women, did not have credit scores, legally, until the mid 70's. 1974 to be exact with the Equal Credit Opportunity Act (ECOA).
So what possessed me to dive into a mortgage with that many roadblocks, lack of rights, and, as my dad said, "Who the heck owns this property anyway?"
Not to mention, I have "owned" seven homes since then. All of which have had mortgages. ALL OF THEM! How crazy is that!
The American Dream -- when did it become about owning a home?
Ever wonder who coined the term "American Dream?" Not only did he coin the term but he somehow managed to convince us we could have that dream.
A dream that we all grew up believing was the truth, the only way to live successfully in America.
Would you be surprised to find out that the American Dream was the brain child of James Truslow Adams. A man born to wealth, who began his career as an investment banker, turned writer and historian in his later years.
He persuaded us all that we could have that dream.
He had us hunger after the life he described -- "A life where everyone can live a rich life, where opportunities abound, and barriers of the past do not hamper our progress." (What is the American Dream in 2016).
But, when did the American Dream morph into a house in the suburbs, a white picket fence, 2.5 children, and a dog? Most would say it began in the long gone 1950's. And, yet, this dream is still very much alive today.
So, if the 50's are long gone, why is it we still hunger after and wish to own our own home? What is it that has us hold on so tightly to a dream of the past?
Here are seven reasons we use to buy a home... Reasons that I, too, have used, along with what I have heard from clients, friends, and... well, just about anyone who has bought into the idea of owning a home.
Equity. Money paid for rent is money never seen again, but mortgage payments build equity ownership interest.
Tax Benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
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