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ICBA: Community Banks Are a Resource for Prospective Homebuyers

Consumers Need Reliable Information to Make Smart Decisions

Washington, D.C. (June 1, 2010)—June is National Homeownership Month and the Independent Community Bankers of America (ICBA) and the nation’s nearly 8,000 community banks are offering prospective homebuyers the information they need to help them navigate the home-buying process.

“A home is likely the biggest purchase that anyone will ever make, and community banks are a great resource for the reliable information consumers need to make wise financial decisions,” said Jim MacPhee, ICBA chairman and CEO of Kalamazoo County State Bank in Schoolcraft, Mich. “We want to help our customers learn as much as possible about the home-buying process before they even begin looking for a home.”

Community banks often offer special home-buying seminars for prospective homebuyers. Customers can work with their local community bank to determine their financing options and needs, including down payment, monthly payment requirements and different loan options, and often get prequalified for a loan amount. They can also learn how to set up a savings plan to prepare for a purchase when they have additional funds.

“Community bankers not only want to help customers with a home purchase, we also want to make sure they find a mortgage that fits their budget and financial needs. If their goal is to save up enough money to buy a home in a year or two, we want to help them reach that goal,” MacPhee said. “Whether customers are first-time homebuyers or they’re ready to move to a new home or refinance, the first step is to check in with their knowledgeable, local community banker, who can arm them with information to make a solid homeownership decision.”

Throughout National Homeownership Month, ICBA will be offering information for consumers according to the schedule below:

6/7ICBA Offers Tips to Homebuyers
6/14ICBA Provides Tips to Homeowners Facing Foreclosure
6/21ICBA: More Community Banks Offer FHA Home Financing Options
6/28ICBA: Is Now the Time to Refinance?

For more information about ICBA, visit www.icba.org. To find a community bank, visit ICBA’s community bank locator by clicking here.