August 15, 2017

First Time Home Buyer Education

GSBDC provides monthly workshops for prospective homeowners in its office located at 2105 East 22nd Street. The workshop material educates and empowers homeowners so that they are prepared for their biggest financial investment. Usually, purchasing a new home involves obtaining a mortgage loan secured by a residential property. Repayment of this mortgage will impact a family’s budget for years to come.

Workshops will be announced in September.

Things to know before buying your home:

1)   Finding the right home
  •  Newspaper advertisement, real estate broker or friends, internet
2)   Determining the Down Payment
  •  Usually anywhere between 5%-30% of the price of the home
3)   Obtaining the mortgage
  •  Keep in mind what amount of monthly payment you can afford
4)   Property Appraisal
  •  The lender will review your “debt to income ratio” to determine if they will grant the mortgage loan
5)   The Closing Process
  •  Make sure the property is properly ready and able to be transferred to you
6)   Final Inspection
  •  Walk through the premises and make a note of anything that is not as agreed