Owning A Home Is Everyone 's Dream Essay

892 Words Dec 15th, 2014 4 Pages
Owning a home is everyone’s dream. For the head of the household to provide a home for his family is a dream come true to everyone. To loss a house to foreclosure is a tragedy not only to the head of the household, but also to the whole family, that will linger for a long time. The morale in losing a home to foreclosure is very much affected, especially if a home is lost because of decreased income, poor planning, and or lost of job, it can tremendously affect the lifestyle of the family and the relationship with each other in the home.

Interest rates are at its lowest rate, and foreclosed homes are flooding the market, making it a buyers’ market, and making it very attractive for everyone to fulfill their American dreams. For people that had lost their homes to foreclosure, they had an urge that now is the right time to buy another home, after losing their home from foreclosure, because prices are low, and as long as they have income to sustain their needs. Owning a home is more expensive than renting a home, so for people with history of foreclosure, rent to own is an option in owning a home again. It can be an initial step on the process that will provide “foreclosure victims”, the opportunity to determine their capacity, and also their ability to pay future mortgage and interest with their present status. Since rent to own can have terms of two to three years, foreclosure victims, can have more time to save for down payment. Since rent to own is cheaper than paying…

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