According to Hannigan (2007), most mortgage lenders invest their monies not with the intention of benefiting the potential home owners, but with the sole intention of ensuring that they reap maximum benefits from the investments they make in the real estate investments. Most borrowers are always ignorant of the fact that the cost of buying a home under the mortgage plan is normally extremely costly compared to the money they would incur in building their own homes.
Poverty and the high amounts of initial investment remains the highest hindrances that make it very complicated and costly for people to own their own homes without acquiring mortgage. Both legal and equitable mortgages tend to hide the actual dangers that face people who take mortgages. Even the legal mortgages rarely have provisions to ensure that the interests of the buyers of the houses are fully catered for. In the United States of America, the trend defining the manner in which people acquire houses through the mortgage system indicates that the majority of people are influenced by the political situation in the country while making the decisions to purchase homes. The Unite States of America has also greatly influence American in purchasing homes through the mortgage system which has proved that it is not the best alternative to be employed by an individual who desires to own a home.
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