June is National Home Ownership Month and Waterford Bank, N.A. and the Independent Community Bankers of America® (ICBA) are reminding current and prospective home owners of community bank resources that may help make financing easier and more affordable.
“For many Americans home ownership represents the keys to financial wealth creation and putting down roots in their community,” said Ron Haynie, ICBA Senior Vice President, Mortgage Finance Policy. “As relationship lenders, your local community is here to provide guidance and support in what can be a protracted and complicated process to becoming a homeowner.”
ICBA reminds consumers that community banks, like Waterford, can be a great resource to help determine:
- How much you can borrow and determine the appropriate loan products to suit your financial needs and budget considerations. Your community banker will review the mortgage process along with available mortgage programs and other loan features, including how long it will take to complete the process, so there aren’t any surprises.
- How current mortgage rates, the loan amount, property taxes and insurance premiums translate into monthly mortgage payments. This will help you shop for a home that fits your budget and increase your prospects for success as an informed buyer.
- Your rights and obligations under your mortgage contract. Today’s consumers have more avenues than ever to home ownership. Your community banker can help you read through and understand the fine print before signing on the dotted line.
- Suitable government-sponsored programs. In addition to federal home ownership and home-buying assistance programs, there are a number of programs sponsored by your state, local government or other organizations that community banks can recommend to make home ownership more affordable.
- Additional resources to help you create a budget and set financial targets. Many community banks offer home buyer seminars and other helpful resources, including calculators, rate information, and more.
“Home ownership is the dream of many right here in Northwest Ohio,” said Alan Tinney, VP, Mortgage Lending Group at the Toledo-based bank. “As a relationship lender, Waterford Bank, N.A. has a vested interest in our customers’ financial well-being and our communities’ economic vitality. Creating a path to home ownership for local residents is an important step in establishing deep community ties, which will support future generations.”
Additionally, Waterford has many great resources for our customers and neighbors to utilize. “Like” our Mortgage Lending Facebook Page for weekly tips, trends, and our weekly Mortgage Marketplace education video series.