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Borrowers
Congratulations
on purchasing a new home. We wish you the best. Buying a
home brings important responsibilities and sometimes
a few unanticipated expenses. We look forward to working
with you to help you to better understand homeownership. Our program is part of the purchase of your home and is
provided to you at no cost.
Once your mortgage professional or builder has signed you up
for our program, you will be receiving homebuyer education.
We offer a comprehensive course that covers all of the
basics that a homebuyer needs to be successful. After you close on your loan, you will learn additional
information about homeownership, budgeting, and the power
of compound interest.
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Mortgage Payment
Protection
One of the principal reasons that borrowers fail to make
mortgage payments is because of unanticipated job loss. For
this reason, as part of our program, the borrower is
enrolled in a mortgage payment protection plan. This plan
will typically cover a 12 month period and will pay the
borrowers mortgage payment in the event of job loss through
no fault of the borrower. The plan will pay a total of six
mortgage payments of up to $2,000 per month.
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Personal Financial Assistance
As part of our program, buyers will have
access to one-on-one counseling on a variety of topics. New
homeowners will find that many aspects of their financial
life become more complicated as they mature financially.
Many issues they will be required to deal with will be
outside the scope of our ability home buyer education. So to
help homeowners deal with these issues, we provide
counselors for the following:
Tax Hotline— Unlimited
access to tax professionals for any tax issue. Taxes
become more complicated by home ownership. Many new
homeowners have done their taxes themselves up to the
purchase of a home and may need some advice so that they
don't miss important deductions etc.
Tax Preparation— Receive
a free review of last years tax return. Multiple options
for tax returns with help from tax professionals. Buyers
with Borrower Backstop can have their taxes
professionally prepared for a nominal $50 fee.
Financial Planning— Advice
on insurance options, retirement, etc. can help
encourage homeowners to save responsibly and look to the
future. Receive advice on estate planning, wills and
trusts, insurance, homeowner liability questions and
more.
Investments— A
financial safety net does not mean a jar of cash on the
top shelf in the closet. It means a regular savings plan
where the funds are applied to conservative investments.
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Mortgage Monitoring--Buyer Education
In the home buying
process, borrowers are inundated with information. We help
them sift through this information in a structured way and
make sure important points are not lost. Our budget
counseling helps them to remain grounded during and after
the home buying process.
We offer a comprehensive
buyer education course. The course is divided into two
parts: 1) pre-purchase and 2) post purchase. Buyers will
also be offered counseling on budgeting and important issues
relating to home purchase and ownership.
Encouraging Responsible Habits—One of the most
important principles to maintain responsible homeownership
is the ability to weather unforeseen financial
difficulties. Essential to this ability is a financial
reserve. The goal of our program is to help homeowners to
establish habits that will lead to greater financial safety
and security. An essential quality of a good homeowner is
the ability to create and preserve a reserve fund̶—a
financial safety net the homeowner contributes to every
month. Developing this habit is important in the first
months of the mortgage.
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Mortgage
Enhancements
Mortgage enhancement software has gained a great deal of notoriety.
Our view is that homebuyers can usually gain the benefit of
these programs by obtaining a few simple financial tools and
then simply creating a budget and sticking to it. But this
is often easier said than done.
Mortgage enhancers provide real time feedback on the true
costs of consumer spending. This has proven to provide
powerful incentives to staying on a budget. We offer an
optional low-cost mortgage enhancement software that the
borrower may take advantage of. Paying off your mortgage as
quickly as possible is always a wonderful idea, but only after
establishing a financial safety net.
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