Friday I completed the last of the 4 Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, that I planned on covering in the series. As good as it is to know what the Loan Program Options are for Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, it is probably even more important to learn about the Home Buying Process which will enable Buyers to use these Loan Programs.
In my opinion before a Buyer can even begin to determine what Loan Program might be best for them, Buyers, especially First Time Homebuyers need to attend a "First Time Homebuyer Seminar". At a First Time Homebuyer Seminar a homebuyer will not only learn about the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, they will get to meet and talk to those who will play the most important roles in helping them obtaining that dream house, and help them determine which of the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut will best fill their needs.
At these First Time Homebuyer Seminars, there will usually be a Realtor, Loan Officer, Attorney, and in many cases a Home Inspector. Each and everyone of these professionals will share their role in the Homebuying Process. and assisting the homebuyer with the decisions that will have to be made along the way.
Some of the things that will be covered at a "First Time Homebuyer Seminar" are:
- Do they really want to own their own home.
- The advantages of owning a home.
- Can they afford to purchase a home (in other words, have they considered the costs of purchasing a home)
- Realtor - The Steps In Finding A House
- Home Search
- Sales Contract
- Home Inspection
- The Loan Process
- Application
- Loan Programs & Terms
- Credit Report
- Automated Underwriting
- Signing Loan Application
- Good Faith Estimate (GFE)
- Truth In Lending (TIL)
- Disclosures
- Appraisal
- Underwriting
- Closing Department
- Commitment Letter
- Conditions
- Clear To Close
- Application
- Attorney - Closing Package
- Title Search
- Title Insurance Policy
- Day Of The Closing
- Walk-Through
- Signing Documents
- Recording The Deed
- Title Search
As you can see from just this brief outline there is a lot of information covered at the "First Time Homebuyer Seminars". This information is also covered in more detail in a series of blogs that I did back in January of 2007:
First Time Homebuyer Seminars…..Part #1
First Time Homebuyer Seminars…..Part #2
First Time Homebuyers Seminars…..Part #3
First Time Homebuyer Seminars…..Part #4
Besides providing all of this information, "First Time Hombuyer Seminars" also give homebuyers an opportunity to ask question that are important to them without having to meet with those that will play a huge role in the purchase of their home individually. They are all there at the Seminar and happy to spend as much time as needed answering questions, both during and after the Seminar.
My next blog in this series we will cover a second very important step in determining the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut that is right for you, the Pre-Approval Process". Look for this blog on Tuesday.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
Sounds like you have put together a very good seminar George. Hope it goes well for you.
George - this is a terrific source of information for new buyers and a great way for them to get their questions answered. Glad to see there are still some of these low or no downpayment programs still available in Connecticut.
Jeff
George,
Seminars like these can really be helpful for first-time home buyers. Not only do they learn about the whole process and different mortgage programs, but also gain confidence to do it and be able to ask relevant questions.
Bill actually I will be doing one here in town on Thursday.
Jeff, they have tightened the guidelines a little bit on them but they are still around.
Esko yep those are all great reasons for "First Time Homebuyers" to attend one.
George,
I see you are offering a 'First Time Home Buyer' seminar. You have offered a wealth of information to Home buyers on your blogs. great stuff.
George -- this is great advice. I have given first time home buyer's seminars with New Hampshire Housing finance Authority ... they have programs very similar to those you have in Conn. It is a great program for those who may want to consider buying and need to have information to make an informed decision.
George I agree that the seminar is a great idea. I participated in ones a few weeks ago and the first time buyers even stayed an hour longer. Consumers are still craving information.
Great series.
Debbie my hope is that if we provide them with enough information, maybe they will not make as many mistakes.
Joan, I a beginning to find out that several states have similar programs. They all seem to work a little different, but all are great for First Time Homebuyers.
Jennifer, each one that I have done they also stick around. Many of the people who attend do not like to ask questions in front of others, so they stick around after the seminar for some one on one time.
Hi George, we do First Homebuyers Seminars too, and actually have the same people you recommended, Mortgage Lender, Lawyer, Home Inspector, and of course ourselves :) ! We have the same results the people never want to leave!! Your series was very very informative!
Al and Peggy, yes they do stick around for a while at the end, and generally have lots of questions.