With the Right Mortgage, Buying a Home can be the 'American Dream'

Homeownership is like a rite of passage. Getting the keys to your first home symbolizes the establishment of “roots.” And while homeownership has many benefits and certainly offers a sense of accomplishment, it also increases your financial responsibilities, cautions Richard Whitman, vice president of mortgage lending with Texas Trust Credit Union in Grand Prairie. It’s important to fully comprehend all of the costs involved with purchasing and maintaining a home. You need to realize that homeownership is a lifestyle change. Whether you are considering purchasing a home, refinancing a home or accessing the equity in your home, you need to understand the different types of loans that are available, the pros and cons to each, and identify the most appropriate for your personal financial situation. With an adjustable rate mortgage, for example, you might enjoy a lower monthly payment initially, but you need to be aware of the risks because the interest rate on an adjustable rate mortgage adjusts with interest rates in the marketplace. A fixed rate mortgage offers greater security in that the monthly principal and interest payments are fixed and amortized over the term of the loan, whether it a 15 or 30-year mortgage. Join Whitman and host Dick Ensweiler for this in depth discussion of homeownership. This 30-minute program will help you determine whether buying a home (or refinancing a home) in this economy is a wise investment. Additionally, this informative program will better prepare you for determining: • How much home you can afford; • How much cash you’ll need to purchase a home; • True costs of owning a home; • A type of mortgage that is best for you; • Is a home equity loan a smart choice; and • If you qualify for a reverse mortgage