ICBA Offers Tips to Help Demystify the Home Buying Process

June is National Homeownership Month

Washington, D.C. (June 1, 2021) — In recognition of National Homeownership Month in June, the Independent Community Bankers of America (ICBA) and the nation’s community banks are reminding consumers to consult their local community bank to learn about available programs to make financing a mortgage or refinancing an existing home easier and more affordable.

“For many Americans homeownership represents the keys to financial wealth creation and offers a source of pride, stability and peace of mind,” said Ron Haynie, ICBA senior vice president of mortgage finance policy. “As relationship bankers, your local community bank can help demystify the home buying process and provide financial support and guidance to help you determine if the time is right to make the American dream of homeownership a reality.”

The focus on the home took on new meaning this past year for many serving as a central hub for work, school and entertainment.  Your trusted community bank can help you get into your first or forever home that is suitable to your unique circumstances and financial goals by working with you to:

1. Determine how much you need to meet your financial needs and budget considerations. Your community banker can review the mortgage process and recommend optimal programs and loan features, so there aren’t any surprises.
2. Examine how mortgage rates, the loan amount, property taxes and insurance premiums affect payments. This will help set a budget and increase your prospects for success.
3. Understand your rights and obligations under your mortgage contract. Your community banker can help explain terms and conditions in the fine print before you commit.
4. Seek out suitable government-sponsored programs. In addition to federal homeownership and home-buying assistance programs, community banks can recommend suitable state, local government and specialty programs.
5. Look for additional resources to help 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 creates and promotes an environment where community banks flourish. ICBA 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.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation, and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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