Peaches & Cream and the American dream, which is protected and respected on the home ownership scene.

There are advantages to homeownership. Let's say you are in a fortunate position to have inherited a decent property from relatives and/or spouse. If the house is already paid for and there is no mortgage and back taxes to address, you may be in a position to "rule the world" providing, of course, that you are motivated to accumulate or maintain wealth.

The possibilities are endless with the right property.

You can start a home-based business of your choice, rent all or part of the property for added income, or you can just save and invest the money that you don't have to spend on a monthly payment.

If you are relatively young, you may never truly know the struggle of many Americans who have had to save for years to even acquire the down payment and then go on to pay a mortgage for 30 years. You are the beneficiary of the people who have come before you. Never squander the advantages that are before you.

I've come into contact with many people who are motivated for wealth-building, but have to deal with many obstacles and may fall short of their dreams. Many who have chosen to start a family, have bad financial habits, or have personal associations that routinely knock them "off-course" to where they need to be. There are times when everything is in line for savings for a property, but your income and/or employment history is not strong enough to get the down payment. you must give some thought to the time it would take to save and then handle the mortgage.

As you can easily determine, that I write this mainly to the fortunate ones who have a strong income, relative youth, family network and/or the ability to control money & credit for years. A house is no joke! For the person who can make financial sacrifices and remain financially focused regardless of the overall economy, family crisis & growth; I would like to welcome you in advance to the club of homeownership.

I've been called upon many times for financial advice. The best ways to set your financial dreams, almost always includes homeownership.

I would like to take this time to give some general facts, answer frequently asked questions just to get you prepared for the homeownership process.

Most homes will go up in value.

Depending on your income, you can receive huge income tax benefits that can help to offset the huge monthly payments.

First, determine how much of a house you can afford. There is a mortgage calculator on our home page that you can play with the key numbers pertaining to the amount of mortgage, interest rate and the number of years. Mastering this aspect of the homeownership process, you will do your family a great service.

Second, once you know how much house you can afford, then find a broker or you can search on your own to find the property that is relatively equivalent to what you can afford. Hopefully, for the money you may be committing to that it is to your liking or can be altered to fit your needs.

Third, inquire about the property taxes, this may be an indicator of the quality of the neighborhood. The property taxes may be indicators of crime, transportation, schools, churches, commercial & shopping areas; to cleanliness etc. Higher property taxes are usually associated with an area that is developing or is fully developed. The home owners are generally of quality which is very important to protect your investment.

Fourth, participate in a bi-weekly payment program that will automatically deduct from your bank account your monthly mortgage payment. This program has grown in popularity because the homeowner doesn't have to worry about late payments because the money is taken on a bi-weekly basis. This results in one extra payment every year that goes directly toward the principal of the loan which over the many years of the mortgage reduces the total interest and can save 5 to 7 years off of your mortgage!

Fifth, to avoid a potential foreclosure, always check to see that your mortgage has been paid and is up-to-date. Most monthly payments will also pay the property taxes, mortgage insurance, if required.

Sixth, if you are in a position to pay off your mortgage, please never-ever forget to pay your property taxes, home insurance and water bill. Many homeowners particularly ones that have not been properly educated to all aspects of homeownership, due to inheritance, may end-up losing their properties because of the late fees and penalties added to the total bill may cause a foreclosure. Note: Many people who seek property due to foreclosure may benefit from this situation. This is something to think about as you educate yourself in the home buying process.

Seventh, each one teach one, if you have had a good home buying experience please share it with others. Your knowledge and experience can help others avoid pitfalls and save valuable time and money.

Eighth, closing costs, once the buyer and seller have come to an agreement and all of the financing issues are in good order, now you will be left with the closing. This is the transition of the house from the former owner to new owner. The settlement of all bills such as: utilities & property taxes. Part of the closing involves making a pre-payment on the next months mortgage payment and property taxes will be paid in advance. The money will be held in escrow until the property taxes are actually due.

Please take the whole homeownership thing seriously, if you have the attitude that the mortgage is to take priority over any other bill and you remain in a position to keep it that way you should do well. Never squander your advantages and when you are living well why not make extra payments to guard against the unexpected? The person who thinks that everything will remain peaches & cream may be in serious trouble when/ if hazards arise.

Be smart!