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The dream of homeownership in America is the basic goal for most people. When someone buys their first home, they are usually caught up in the excitement of choosing a home, and the process of getting in the home, and for the average person, what type of loan they are signing for is not the first consideration. Most people are happy just to get into a home, and the mindset is "well if I can just get into the house I will worry about the mortgage later."

We all know that this is not logical thinking on the purchaser's part. Most people are buying houses based on an emotional decision and not on a logical or financial decision. This is where the problem occurs. An adjustable rate mortgage sounds good when it is presented to the potential home buyer, especially when they have no experience in home buying.

Before a person goes out to buy a home, he or she should do some research before signing on the dotted line, I have heard many horror stories about people losing their homes, because they were not aware or educated about the process of home buying and the basics about financing a home. The government bailout is a combination of uneducated people, and the lending community taking advantage of this lack knowledge resulting in the potential home buyer making an uninformed decision.

Learn more about this author, Adrienne D. Poole.
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