Boston, MA-NH (1888PressRelease)
May 02, 2008 - Mount Vernon Mortgage Corporation, is addressing the need for homebuyer education in today’s changing real estate market at its next homebuyer seminar in May.
It’s a buyer’s market with plenty of inventory, stabilizing prices, and low interest rates, but the changes coming through the mortgage industry may make financing more challenging for some buyers. “Today, more than ever, it is essential for homebuyers to be educated and prepared before they begin to look at homes,” said Robert Petrelli, President of Mount Vernon Mortgage Corporation. “Credit guidelines are tighter and many of the more unique and lenient mortgage programs no longer exist. Still, now may prove to be the best time in years to buy a home and preparation is key so people don’t miss out on the opportunity.”
Education is important
The home buying process can be intimidating to many buyers—especially first time buyers—and homebuyer education helps to ease concerns. The purchase of a home is the biggest financial decision most people make in their lifetimes and it is a decision that should not be made without serious consideration. By walking through the process ahead of time with experienced professionals, buyers gain a better understanding of how the financing process works as well as what to expect from those with whom they work when they buy a home, such as real estate agents, attorneys, and home inspectors. Getting straight facts from reliable sources provides them with the foundation they need in order to begin the process as educated consumers.
Tim Gile of Billerica wanted to learn about the home buying process, but feared that the seminar might be a sales pitch in disguise. After attending, he commented, “It was informative and helpful and the people were very friendly. I have to admit, I was a little intimidated at the thought of going to the session. I was worried that there was going to be a hard sell sales pitch or something like that. Instead, I was happy to find a group of professionals interested in helping people work their way through the home buying process.”
“Hearing our attendees respond in this manner truly reinforces to us that we are doing what we set out to do,” said Sharon Katz, Mount Vernon’s Marketing Director and coordinator of the educational programs. “These are educational seminars. We aim to educate, first and foremost, and do not allow any of our presenters to actively and aggressively ‘sell’ during the program. Our attendees’ time is valuable. They are coming to learn and we respect that.”
Preparedness is essential
Education is only the first part of preparing to purchase a home. In today’s changing market, financing can be harder to obtain than it was even several months ago. The current credit crunch is no joke. Mortgage financing is impacted. Fewer student loans are available. It is happening across the board. Less credit is available today than it was six or twelve months ago and lenders are growing more conservative about where it goes.
As a result, credit guidelines are growing tighter by the day and fewer mortgage programs exist. To combat these challenges, buyers need to look at their financial picture well ahead of time. If there are credit issues that need to be ironed out, addressing them as early as possible can make a big difference in how a buyer qualifies for a mortgage and what opportunities are available. The changing guidelines have brought credit scores to the forefront and they are one of the most important factors in determining an interest rate. Inaccurate information on a credit report can be corrected, opening up more financing opportunities for a buyer, but it sometimes takes time and effort. The more proactive a buyer can be, the better.
“The more time we have up-front with a client, the better we can serve that client,” said Petrelli. “We like to gain an understanding of what their present needs and future goals are and educate them on what options are available to them now or possibly even in the future, in the event that they are not in a position to purchase right away.”
Clients may be advised on saving for a down payment. They may be assisted with clearing up any discrepancies in their credit history or counseled on how to move ahead to start building a solid credit history if they have had some issues in the past. Should they require in-depth legal or financial counseling, they may be referred to other professionals with expertise in the area in which they need assistance.
Contrary to what is heard and read on a daily basis, it isn’t all bad news these days, but the professionals at Mount Vernon provide clients with an accurate picture, good or not-so-good. Said Petrelli, “Basically, we want people to be as prepared as possible so, when they are ready to make a move, they can forge ahead.”
Attending a seminar
People who attend one of Mount Vernon’s seminars can expect to learn about the mortgage process, the role an attorney plays at various stages of a purchase transaction, what a real estate agent or buyer’s broker does, and what to expect from a home inspection. In addition to hearing from a mortgage professional, they will learn from a real estate agent, a real estate attorney, and a home inspector, each of whom educates on their specific areas of expertise. Additionally, all address what is going on in the current market to provide attendees with a basic understanding of where things stand today.
When Katz was asked if attendees have a favorite part, she responded, “I don’t know if they have a favorite part, but the credit portion really seems to get their attention. Maybe it’s something we’re all a little bit afraid of—people view it as deeply personal. And the home inspection section. There are some pretty scary photos that seem to inspire some discussion!”
Local residents who are thinking about buying a home can learn more about the homebuying and mortgage processes from local industry experts at a free educational homebuyer seminar sponsored by Mount Vernon Mortgage Corporation on Thursday, May 22, 2008 from 6:00-8:30 p.m. at Tufts Library in Weymouth. Seating is limited and advance registration required. To sign up, call 781-337-2432 or register online at www.MtVernonMortgage.com/Events.
Presenters at the May 22nd seminar are Robert J. Petrelli, President of Mount Vernon Mortgage Corporation in Weymouth; Gary Lawrence a REALTOR® with Century 21 Tullish and Clancy in Weymouth; John J. Amendolare, Attorney at Law, a real estate attorney in Quincy; and Wayne Cerra, Home Inspector and Owner of Total Exposure Home Inspection in Weymouth.
About Mount Vernon Mortgage Corporation
Founded in 1996, Mount Vernon Mortgage Corporation with offices in Weymouth, Massachusetts, is a full-service mortgage lender offering a broad range of first, second, and reverse mortgage programs. With experience across all areas of the mortgage industry, Mount Vernon Mortgage Corporation’s professionals are dedicated to providing a superior customer experience by offering the highest quality and most professional residential mortgage lending services throughout Eastern Massachusetts and Cape Cod.
Mount Vernon Mortgage Corporation has a goal of achieving 100% customer satisfaction, 100% of the time by taking the time to understand and evaluate each client’s individual needs and offering services tailored to meet these needs. For more information, call 781-337-2432 or visit www.MtVernonMortgage.com. Member: Massachusetts Mortgage Association, National Association of Mortgage Brokers. Massachusetts Licensed Mortgage Lender and Broker (MC0806).
CONTACT:
Sharon Marie Katz
Marketing Director
781-337-2432
SMGrazioso ( @ ) MtVernonMortgage dot com
