Washington, D.C. (June 2, 2017)—In recognition of National Homeownership Month, the Independent Community Bankers of America® (ICBA) is reminding current and prospective homeowners of community bank resources that make financing easier and more affordable.
“For most people, buying a home is an investment in their future—an opportunity to establish roots, start a family, and build financial security,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi, Texas. “Your local community banker, as a trusted financial advisor, can help you navigate the homebuying process and select the financing option that works best for you and your financial future.”
ICBA reminds consumers that community banks 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 homeownership. 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 homeownership 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 homeownership more affordable.
- Additional resources to help you create a budget and set financial targets. Many community banks offer homebuyer seminars and other helpful resources. Free online educational tools can also be found at www.hud.gov.
To find a community bank near you, visit www.banklocally.org. For more information on community banks and the services they offer, visit www.icba.org.
About ICBA
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 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.
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