One of the American Dreams is Home Ownership! But just how achievable is that dream for the ordinary Joe in the street?

I would say these days that the Home Ownership dream is more achievable than ever before.

We are more financially aware than our grandparents which gives us an advantage when it comes to Home Ownership. For them it would be something other people did, for us we can all do it.

A home loan is a loan that will be secured by the equity value in the home that you choose.

If you are looking to purchase a house or refinance, using your home as collateral for a home loan you need to consider all the alternatives available very carefully.

After all, your home is put at risk if you do not keep up the repayments that are secured by it. This means that in a worst case scenario you could lose your home to the finance company.

When considering a Home Loan for the first time the finance company will workout how much they are willing to lend you based on their lending criteria.

Factors such as your current credit situation, how much longer you'll be in the property and how much you can afford each month will guide their decision regarding the term and amount of your home loan.

I would advise finding this out first before falling in love with a property that is beyond your financial means!

If your credit history is less than perfect a 2 or 3 year fixed rate mortgage may be ideal. This allows a firm home loan budget to be set and peace of mind for both you and your finance company.

These are 30-year loans that have a fixed rate for the first 2 or 3 years and then increase to the current rate after that. If you re-establish your good credit during this initial fixed rate period then you may be able to refinance at the best rates available.

There are a vast array of styles and types of Home Loans available for almost every circumstance. Its best to take yourself along to a few lenders or surf the net and try to get the baets deal on your Home Loan for you.