The Largest Debt You Will Ever Have Will Probably Be a Home Mortgage

A Home Buying Article Contributed by Elizabeth Fox-Wise

It is Almost Like a Rite of Passage in America to Have a Home Mortgage

Many American's grow up, not only dreaming that they will own a home, but knowing that they will hold a home mortgage. America is one of the lucky countries where it's citizens are able to own a piece of the country.

It is part of the American Dream, to own a home. For the majority of Americans it is an obtainable dream that is realized. But with this dream; this right to own a piece of the country, comes a home mortgage that is probably the largest debt most Americans will ever hold.

From an early age most of us had some sense of the fact that the home our parents raised us in did not come without a price. We might not have understood home mortgage as a child, but we realized that to own a home you had to work and earn money. And most of knew that some day when we grew up we would have our home and we would have to work to make money.

A Home Mortgage Might Be a Right of Passage, but Do I Have the Key?

As we got older we started to understand more about money and expenses and all of the responsibility that comes with adulthood. When we got our first apartment and wrote a rent check every month we felt all grown up. We felt like we had our own home. At first, we even enjoyed writing that rent check, it was an affirmation of our adulthood every time.

But then as the years past, we started to resent writing our rent check, turning over a large portion of our income to pay our landlord's home mortgage. That is when we started considering our own home mortgage. But paying rent is one thing, paying a home mortgage is another, right? We wondered. Am I grown up enough to buy a home? Can I handle the pressure of the home mortgage? What if I can't pay my home mortgage?

And many of us spend several years thinking about the commitment of a home mortgage and preparing ourselves for it financially and emotionally.

The Rewards of Home Ownership Outweigh the Burden of a Home Mortgage

Eventually as we get older and either meet a life partner or make the decision not to have a partner in live, we start to realize that we are grown up enough, responsible enough, and ready to own our own home.

We meet the challenges of home ownership and the burden of a home mortgage with a sense of confidence because we are American's and we can own a piece of our own country. As such, we want that opportunity.

Taking on a home mortgage is then seen as a challenge and a responsibility that we can handle and owning our own home provides a sense of accomplishment. Home ownership allows us to dig in roots, settle down and enjoy the life that we have built.