Is Buying a Home the Ticket to Financial Freedom?

The Norris and Kenyon families followed Bach's advice.

Just two months after their first meeting, the Norrises made an offer on a house not far from their current rental. At $180,000, and no down payment, the house was at the upper limit of what they could afford. Still, they say the house is priced under market and, best of all, fulfills some of their dreams — in particular, having three bedrooms.

They were careful not to take an adjustable rate mortgage, the type that's causing increasing foreclosures in today's slowing housing market. The Norrises got a fixed 30-year mortgage at 7.75 percent, and were able to refinance to 6 percent.

The Kenyons in Detroit are also thrilled with their progress. With Bach's advice, they got a mortgage and found a house they could afford. At $170,000, it still had most of what they wanted. Now that the house is officially theirs, they have settled in with their second child. The Kenyons are making improvements on their property and plan to stay in the house for a long time.

Allison Kenyon is glad she and her husband followed Bach's advice.

"The possibilities are endless with this home," she said. "We can do anything to this, and it's ours. Hopefully, the choices that we make will do nothing but add value to the home and to our pockets."