Programs Created to Assist First-Time Homebuyers Understand the Market

The Federal Savings Bank informs readers of a recent article posted on their website with regards to first-time homebuyers, and why it's important to get pre-approved for a mortgage now.

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The Federal Savings Bank

In order to assist people with their financial situation as well as the buying process, some experts have been hosting informational sessions that aim to provide individuals with the insight necessary to understand how to manage their resources.

Chicago, IL (PRWEB) April 24, 2013

Purchasing a home for the first time is a fun and exciting decision, however, it can bring forth a great deal of stress, especially for people who are entering the market on a tight budget. The Federal Savings Bank has seen an increase in demand from investors and a shortage of homes that have led a lot of first-time homebuyers to want to educate themselves on their options. Ken Johnson, a real estate professor at Florida International University, said that purchasing a home for the first time can be a "daunting process," to stay afloat amidst competitors, many of which have years of buying experience.

In order to assist people with their financial situation as well as the buying process, some experts have been hosting informational sessions that aim to provide individuals with the insight necessary to understand how to manage their resources. According The Federal Savings Bank, taking a housing course may be a good idea. Kevin Maher, an instructor at Debthelper.com, said he doesn't think that anyone should buy a home without taking a course.

While it can be hard for some consumers to believe that is the case, getting pre-approved is always a good idea, in fact The Federal Savings Bank strongly encourages this it. By doing so, consumers will be able to concentrate on a specific mortgage, and well-prepared buyers might be able to win over sellers by agreeing to pay more than investors, who are generally hunting for discounts.

Programs aim to help first-time homebuyers

There are several other programs developing that are similar to the workshop Maher is hosting that will debut in the coming months. According to the Echo Press, one recent online course, Framework, a revolutionary new online course, based on the award-winning Home Stretch curriculum, will soon be available to Minnesota residents to help them enhance their knowledge of the market.

Minnesota Commerce Commissioner Mike Rothman told the source he is eager for residents to take advantage of the program and see how it benefits them.

"The Framework online education course will help Minnesotans make good decisions when purchasing their first home," he said. "With better tools and knowledge, first time buyers can avoid pitfalls, particularly the problems in the housing market we have seen over the last decade. Educating consumers will help families and communities throughout Minnesota."

With the amount of people seeking information covered in these programs, it is more than likely that more experts will continue to offer their input and create similar workshops and informational groups within the coming months. Speak to a loan officer today at TheFederalSavingsBank.com for more information.