In celebration of National Homeownership Month, the Independent Community Bankers of America (ICBA) is urging current and prospective homeowners to seek guidance from their local community bankers to simplify and make the homebuying process more affordable.
“Homeownership is a cornerstone of building strong communities, achieving financial stability, and preparing for retirement,” said Rebeca Romero Rainey, ICBA President and CEO. “Local community banks are relationship lenders who can guide you through the mortgage and financing process, ensuring you are well-informed and confident as a buyer.”
Whether refinancing or purchasing a home, community banks can assist with:
- Determining qualification needs for loans based on factors such as credit score, debt-to-income ratio, down payment, and loan amount.
- Identifying ideal loan amounts and products that fit budget considerations, including a detailed review of the mortgage process.
- Understanding how mortgage rates, loan amounts, property taxes, and insurance premiums affect payments to help set a manageable budget for homeownership expenses.
- Clarifying rights and obligations under mortgage contracts considering various financing options.
- Exploring suitable government-sponsored programs at state and local levels in addition to federal homeownership assistance programs.
- Providing additional resources such as homebuyer seminars and free online educational tools available at www.hud.gov.
To locate a community bank nearby, visit BankLocally.org.
The Independent Community Bankers of America® aims to create an environment where community banks thrive. Through advocacy, education, and innovation, ICBA supports community banks in leveraging their relationship-based business model to channel deposits into local neighborhoods. This fosters job creation, economic prosperity, and helps customers achieve their financial goals. More information is available on ICBA’s website at icba.org.