Making The American Dream A Reality
Today is an important national holiday that celebrates the life and work of Dr. Martin Luther King, Jr. He gaves his life for a powerful cause. He fought tirelessly to hold our nation to the letter of the law espoused in our founding documents. The Declaration of Independence, as written by Thomas Jefferson, says that “All men are created equal.” Dr King, Jr. forced our nation to reckon with the notion that this promise had been denied to millions of Americans over the years. Dr. King, Jr. rearticulated the American dream to include this promise of equality for all throughout his works and speeches, including his “I Have a Dream” speech. There is a lot we must still do to make his dream and the American dream a reality for all Americans. One small aspect of that is that we need to make sure that everyone can be a homeowner.
Reducing the Gap in Homeownership Rates
Homeownership is a cornerstone of the American dream. Tragically, there are wide disparities in homeownership rates in the United States. Disparities in homeownership are much more than a gap between renters and homeowners. It is a significant cause of an ever-widening wealth gap. For most people in our country, the largest asset we will ever have is a house that we own. For that reason, buying a house is a necessary step to building wealth. As long as there are disparities between who has access to buying a house and renting, there will be wealth disparities. In turn, the American dream will continue to be just out of reach for millions. At Peoples Choice Mortgage, we want to do everything to reduce this gap. We believe that everyone deserves to be a homeowner and we want to help make the American dream a reality.
Starting on the Path to Homeownership
If you have ever wanted to stop renting and buy a house of your own, then there are things you can do right now to make that happen. Many people make the mistake of disqualifying themselves from homeownership before they ever start the process. Buying a house and getting a mortgage can be complicated. Many people fall victim to believing that they will never qualify for a mortgage. They believe that their financial situation will never let them buy a house and that they are doomed to rent forever. However, the truth is that more people are closer to being able to buy a house than they realize.
The best thing that anyone can do who wants to buy a house, but do not know where to start is to meet with a professional mortgage broker. A professional mortgage broker has access to hundreds of lenders with a large number of home loan options. All lenders have different lending requirements and you will never know if one is right for you unless you speak to a professional. On top of that, there are a number of government-backed programs that make it easier to become a homeowner, such as FHA loans, VA loans, and USDA loans. A true professional will let you know about these options and the qualifications necessary.
Once you know about all of your mortgage options, a professional mortgage broker can help you with a plan. Even if you are not able to buy a house and qualify for a mortgage right now, you can work toward that goal. A true professional will be able to help you get an accurate picture of where you stand right now. Then, they will help you develop specific goals and targets that will help you get ready to be a home buyer. Many people assume that you should only speak with a mortgage broker right as you are about to buy a house. However, it is best to speak with a mortgage broker long before you think you are ready. That is because true professionals know how to get you ready.
Final Thoughts
Dr. Martin Luther King, Jr. gave his life in the hopes that one day every American would have access to the American dream, regardless of race, religion, or creed. The same must be true of homeownership. Everyone deserves to have the American dream become a reality.
