Getting a mortgage is not an easy process. It is often a challenge to maintain the mortgage until your home is paid off. However, the fact remains that buying a home is still the American Dream, and for good reason. Carrying a mortgage is well worth the hassle that comes with it.

The Frustrations of a Mortgage

The first frustration you will notice with a mortgage is being approved for one. It may seem like you have to jump through hoops upon hoops and provide countless documents to prove you are worthy of a mortgage, especially if you have any type of unique situation. Many times, you will be asked to provide the same document more than once.

A second challenge comes once you have a property in mind to buy and you are under contract. Getting the loan finalized can feel like a never-ending process. The home must pass inspection and meet requirements. Then, you have to deal with the appraisal, which ensures the home is worth the selling price. If any obstacles arise, you must either deal with them or walk away from the contract. (What do I have to do to apply for a mortgage loan?)

The Paper Trail

One of the most challenging aspects of getting a loan is the need for a paper trail. Every penny you have in your account must be accounted for. Your escrow check and down payment funds must be verified, your tax returns must be in agreement with what the IRS states, and your income must be accounted for.

The underwriter of the loan looks closely at all of your information. In this case, you must provide proof for everything. In addition, they must receive a clear title on the property, which often delays the sale because of minor problems that have to be resolved.

Managing Your Mortgage

Once you finally make it to closing and the keys are in your hand, you may feel like the worst part is over. However, you still must be able to make your mortgage payments, and you may even choose to refinance if you qualify for a lower interest rate in the future.

If the time comes when you decide to sell, you must ensure you have paid down on the principal of the loan to have equity in the property. You will need to get a selling price of at least the amount you still owe and preferably enough to move on to your next home.

Why a Mortgage is Worth It

If you can see the potential problems that come with a mortgage and still believe it is worth the trouble, then you are correct. Owning a home is an investment in your own future. Real estate increases in value over time, and the equity you gain in your home can serve you in many ways, especially in retirement. Your main asset is your home!

People who have a mortgage and pay it on time will see their credit score improve, which opens the door to many other opportunities for loans, job opportunities, and investments. In many cases, owning your home will provide distinct advantages in costs. You may qualify for special rates or discounts because of your homeownership status.

For many, a mortgage is a way to finance their future. They live in their home and pay off the loan. Once they retire, they can sell their home and live more comfortably in retirement from an asset that appreciated in value. While it may not pay for all of your expenses for the rest of your life, it can certainly enhance the quality of life of you and your family (Why Mortgage Debt is Good Debt, November 2015).

Protect your family’s future now and buy your first home! Procrastination will only further your problems, so start looking into real estate. Your power is now! Contact me, Eric Frazier, to talk about your mortgage needs. Do not make excuses; contact me now to get started working on a personalized plan that will work for your financial needs. Email me at or call me at 800-401-8994 x 703. Together, we can build wealth through real estate!

Eric Lawrence Frazier, MBA

President and CEO