Washington, D.C. (June 7, 2018)
—In recognition of National Homeownership Month, The Farmers Bank, and the Independent Community Bankers of America® (ICBA) are reminding current and prospective homeowners of community bank resources that make financing easier and more affordable.
“For many Americans homeownership 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 and The Farmers Bank offer the following tips for consumers considering purchasing a home of their own:
How much you can borrow and what loan products best match your financial needs and budget considerations.
Your community banker will review the mortgage process along with available mortgage programs and loan features, so there aren’t any surprises.
How mortgage rates, the loan amount, property taxes and insurance premiums affect 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 homeownership. Your community banker will help you understand the fine print before you sign on the dotted line.
Suitable government-sponsored programs.
In addition to federal homeownership and home-buying assistance programs, there are many programs sponsored by your state, local government or other organizations that community banks can recommend to make homeownership more affordable.
Additional resources to help you create a budget and set financial targets.
Free online educational tools can also be found at www.hud.gov.
For most people, buying a home is an investment in their future—an opportunity to establish roots, start a family, and build financial security. As your trusted financial advisor, The Farmers Bank can help you navigate the process and select the financing option that works best for you. Homeownership is an important step in supporting future generations and ensuring our community’s long-term economic viability.”
For more information, visit www.thefarmersbank.net.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org