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Home Sweet Home: Owning a House in the U.S.

2. December 2009 by Michelle 0 Comments

Many Russian brides hope to someday achieve the “American dream”, which is a term that represents a better, richer, and happier life. Today, this term is also synonymous with home ownership. Your American suitor may already own a house, but learning what it takes to become a new home owner is a valuable lesson in American culture.

 

Many Choices

When looking for a new home to buy, there are many different sizes. Rarely will you find a 1 bedroom house. There are more 2 to 4 bedroom homes available, sometimes contained on 2 or 3 levels. Why would you need so much? Americans use the extra space as spare rooms for guests, offices, or recreation rooms.

 

There are also lots of features your home can include like a swimming pool, Jacuzzi, outdoor grill area, bar, and fireplace. You also need someplace to park your cars so there are garages, carports, or sheds. Some people own recreational vehicles as well like boats, jet skis, or campers so they need extra parking space for those too.

 

The Mortgage

Once you find the perfect size house with all the right features, you will decide how to finance your purchase. Most Americans don’t have all that money immediately available to them, so this is where a loan comes in handy. The loaned money you receive to buy a house is called a mortgage. If you do have some money to pay towards your house right away, you would make a down payment. The rest of the balance that you owe will be paid in monthly increments.

 

There are 3 parts to the monthly mortgage payment. The “principal” is the amount that goes towards the actual price of the home. The “interest” goes to the bank for allowing you to borrow the money. And the “escrow” goes to paying the insurance and taxes. There are usually 15-year and 30-year mortgage plans that will result in actual ownership of the home once it is completely paid off after that time period.

 

Why Not Just Rent a Home?

After hearing all of the complicated things involved in buying a house, you may wonder if it would just be easier to rent a home. There are great benefits to being a home owner. You are free to decorate or remodel the home any way you like. Knock down a wall, add another room, build a bigger pool; you can do it all! If you need more money to remodel your home, or purchase any other of life’s luxuries, as a homeowner you can receive a home equity loan. Also, once you pay off your mortgage, the house is all yours and it’s a great accomplishment to own a piece of property!

 

If you are interesting in learning more about American real estate and property ownership, ask your favorite gentlemen what type of houses they live in and they should be proud to share that with you. Learning how real estate and mortgages factor into American life will help you understand some investments that American men choose.