Roger Schlesinger

It has been almost a year now that I and every other columnist have been writing and you have been reading our work on I feel that I have made some progress in getting borrowers to see the "big picture" and realize that the mortgage you get to help you purchase a house of your own can be more than simply a means to an end. It can be one of the greatest financial tools available to anyone who chooses to use it in that manner.

But really, what does that all mean?

Let's take a look at a brief history of mortgages and home owning. A hundred years ago a small percentage of people owned their own home. During the "Great Depression" a fair percentage of those who owned lost their homes. Fast forward to the end of World War 2

and all the GI's coming home wanted the better life they had fought for and having a house was one of the ways they intended to get their piece of the pie. Projects like

Levit Town began and the great move to home ownership began in earnest. It has never stopped as each year the percentage of Americans who own their own home has increased.

People bought homes with 30 year mortgages and a fair amount of these borrowers stayed put and paid off their homes. Then as my late Aunt Pearl would say " every New Years day

the folks in the east would sit by their T.V. and watch Californians enjoy the Rose Parade and the Rose Bowl game in short sleeves ..... and the rest is history". People came west,

away from the cold and the snow, and the idea of moving to get a better life was born. ( The writer is not suggesting that moving west was tantamount to a better life, just perhaps moving).

The baby boomers, who were the children of those warriors who fought the big war, were in the most part the beneficiaries of the "better life" and understood the need and desire to own their own places. Economically a great percentage of these people did better than any of the recent generations before them and became the pioneers of the second home concept.

Were these boomers better financial managers, better planners or could they just dream a bigger dream and went to work to make it happen? It has been said that man cannot go to any place his mind hasn't gone before and maybe that is where their minds have been.

Roger Schlesinger

Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.