Has the Subprime Mortgage got you a little down on your American Dream? The dream of owning your own home? What has the media done recently? The stock market is like a roller coaster - One day it is up and another day, the sky seems like it is falling. News splashes everywhere talking about foreclosures at an all time high, more houses on the market now than ever before.....

What is Subprime Mortgage?
A sub-prime lender is one who lends to borrowers who do not qualify for loans from mainstream lenders. Some are independent, but many big-time mortgage companies have set up sub-prime departments to take part in this lucurative market.

What is a Subprime Borrower?
A subprime borrower is one who cannot qualify for prime financing terms but can qualify for subprime financing terms. The primary disqualification for mainstream loans is primarily due to weak credit scores.

What could be the Subprime Lending Terms?
With the higher risks of borrowers defaulting, subprime terms are normally at a higher interest rate, some with early pre-payment penalties, etc.

So, what does this really mean to you - if you have not achieve your American Dream?

The fall of the Subprime Mortgage is a good thing. What???? What do I mean? No doubt, I am in the business of assisting people achieve their American Dream. Let me get this straight - I AM ALL FOR THE AMERICAN DREAM. After all, I came to this country in search of the American Dream. But before I go further, let me describe to you what "my version" of the American Dream is about.

My American Dream goes far beyond owning a piece of real estate. Coming from a third-world country and a minority in my very own country where minorities fight to be the fittest to survive, I call America - the greatest Land of Opportunity. In this place, regardless of my race, color, nationality or sex, if I put my mind into anything I want, the great blue sky is my limit. If I can dream it, I can achieve it!!!

So again, what does this mean to you? The Fall of the Subprime Mortgage? You might have just fall onto the "disqualified" category and did I say it is a good thing? There is always a reason why you were disqualified. It is most likely your weak credit history. Evaluate to see where you stand financially in the past three years. Have you ever been late on payments? Are you close to maximizing the credit cards you have? Do you have debts? Are you not saving money each month?

These are some painful questions to ponder on. If your answer could be Yes to one of these questions, reflect to see if you really are ready for homeownership. Your home should be a blessing to you. It should not be something you work, work and work just to make the payments. Worry one day, if you would be foreclosed on because you barely made the cut into qualifying for the loan.

Build your financial strength prior to achieving the American Dream. That means no debts of any kind and a good stash of savings to sit on (3-6 months of monthly expenses). Then your American Dream is a blessing for you and your family.

With the covers of news media splashing foreclosures every day, how sweet is the American Dream now to those who are going through this stress? I am not looking down on those who are in foreclosures today. There could be many, many unforeseen reasons. But if you could build your foundation on solid rock (no debts and savings), should you give yourself and your family that advantage of building the American Dream?

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