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Consumers Mortgage Knowledge Remains Weak

 

Fannie Mae: The Questions Homeowners Need Answered

in Daily Dose, Featured, Investment, Market Studies, News 1 day ago 201 Views

Consumers are still unsure of what is required to qualify for a mortgage, according to a recent study from Fannie Mae. “Despite increased exposure to credit scores and online resources, consumer understanding about what it takes to qualify for a mortgage has not improved since our original study in 2015,” Fannie Mae states. This means many potential homeowners may feel discouraged from buying a home.

The report, published by Fannie Mae’s Mark Palim, VP and Deputy Chief Economist and Sarah Shahdad, Market Insights Researcher, notes lenders, servicers, and other mortgage market participants must work toward increasing consumer knowledge. For example, despite the fact that consumers are now more likely than ever to check their credit scores, close to half still cannot recall what it is. Additionally, many overestimate the minimum credit score and down payment necessary to qualify for a mortgage, and remain unfamiliar with low down payment programs.

Palim and Shahdad note that this information indicates that current sources of mortgage education and information are insufficient, stating that “even those actively planning to become homeowners in the next few years (i.e., those who should be exposed to more information) are only slightly more confident or knowledgeable than others.”

Fannie Mae offers several methods for closing the knowledge gap, including improving the quality of mortgage education programs. Palim and Shahdad state that “effective mortgage education should be timely, customized, convenient, and simple.” This information should include multiple channels for consumers, from digital to in-person, as Fannie Mae’s research reveals that people prefer a mix of digital and human contact. According to Fannie Mae, mobile and online resources alone may not be sufficient to guide consumers through the complexities of preparing for and getting the right mortgage.

For the online portion of the mortgage process, mobile devices require optimization, as more and more buyers, especially younger buyers, are used to accessing financial services such as their bank from their phone.

“If potential borrowers have the information to assess and improve their own qualifications to get a mortgage, they may be encouraged not to give up on their homeownership aspirations prematurely,” Palim and Shahdad conclude.

https://dsnews.com/daily-dose/06-05-2019/closing-the-gaps-in-homeowner-knowledge

BHOA Classes Scheduled for 2019

Metro Interfaith Housing Counseling is announcing that the class schedule for the Binghamton Home Ownership Academy (BHOA) Group Sessions has been finalized!

If you would like to participate in one of the upcoming group sessions please contact the BHOA to be added to the class list. The number is: 723-0582…. Call Today!!

First Time Home Buyer Classes for 2019

  • Session One: January 22, 29, & February 5, 12 & 26 (Tuesday Evenings)
  • Session Two: March 16, 23, 30, April 6 & 13 (Saturday Days)
  • Session Three: April 30, May 7, 14, 21 & 28 (Tuesday Evenings)
  • Session Four: September 7, 14, 21, 28 & October 5 (Saturday Days)
  • Session Five: October 15, 22, 29, November 5 & 12 (Tuesday Evenings)

All Tuesday evening classes held 5:30 to 9:00 at: Metro Interfaith Offices, 21 New Street, Binghamton, NY 13903

All Saturday classes held 9:30 to 1:00 at the Broome County Public Library, 185 Court Street, Binghamton, NY 13901

NOTE: You must be able to attend all classes in the session you select.

Correction: 2018 Homeownership Academy First Session

Please note that the first session of the 2018 Binghamton Homeownership Academy classes will be offered on March 17th, 24th, 31st, and April 7th from 9:30 am to 1:30 pm, at the Broome County Public Library (not on the dates originally posted).

Contact the Homeownership Academy Coordinator, Conant Smith, for more information or to sign up!

  • Phone: (607) 723-0723
  • Email: metro.csmith@stny.rr.com

2018 Classes Coming Soon

Additional 2017 Homeownership Class Dates

In addition to the 2017  FIRST TIME HOME BUYER CLASS SCHEDULE already announced, classes are now available in Chenango County, as well!

 Here is the complete 2017 schedule for classes in Binghamton AND Norwich:

FIRST SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • March 14, 21, 28 & April 4, 11

@ Metro Interfaith, 21 New St., Binghamton 

or

       TUESDAYS, 5:30 pm to 8:30 pm:

  • March 28, & April 4, 11

      @ Quaranta Homeownership Academy, 44 W. Main St., Norwich

**************************************************** 

SECOND SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • May 2, 9, 16, 30 & June 6

@ Metro Interfaith, 21 New St., Binghamton 

 

****************************************************

THIRD SESSION:  SATURDAYS, 9:00 am to 1:00 pm:

  • August 5, 12, 19, 26

@ Binghamton location: TBA (To Be Announced)

or

       TUESDAYS, 5:30 pm to 8:30 pm:

  • July 11, 18, 25

      @ Quaranta Homeownership Academy, 44 W. Main St., Norwich

**************************************************** 

FOURTH SESSION:  SATURDAYS, 9:00 am to 1:00 pm:

  • September 23, 30 & Oct 7, 14

@ Binghamton location: TBA (To Be Announced)

or

       TUESDAYS, 5:30 pm to 8:30 pm:

  • October 10, 17, 24

       @ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

*****************************************************

Light Supper Provided Each Night Class & Light Breakfast Provided Each Saturday Class

Contact the Homeownership Academy Coordinators for more info & to sign up:

Binghamton: Conant Smith 607.723.0723 ext. 311  or metro.csmith@stny.rr.com

Norwich: Cathy Berger 607.334.7114 ext. 4004   or cberger@ofcinc.org

Additional 2016 Homeownership Class Dates

In addition to the 2016  FIRST TIME HOME BUYER CLASS SCHEDULE already announced, classes are now available in Chenango County! (Note the changes to these dates)

FIRST SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • March 1, 8, 15, 29 & April 5th

@ Metro Interfaith, 21 New St., Binghamton 

or

THURSDAYS, 5:30 pm to 8:30 pm:

  • April 14, 21, 28

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

SECOND SESSION:  SATURDAYS, 9:00 am to 1:00 pm

  • April 23, 30 & May 14, 21

@ First Niagara Homeownership Center, 112-122 State St., Binghamton

or

TUESDAYS, 5:30 pm to 8:30 pm:

  • May 10, 17, 24

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

THIRD SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • September 13, 20, 27 & Oct. 4, 11

@ Metro Interfaith, 21 New St., Binghamton

or

TUESDAYS, 5:30 pm to 8:30 pm:

  • October 18, 25, & November 1

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

Light Supper Provided Each Night Class & Light Breakfast Provided Each Saturday Class

Contact the Homeownership Academy Coordinators for more info & to sign up:

Binghamton: Conant Smith 607.723.0723, Ex. 311   metro.csmith@stny.rr.com

Norwich: Michele Clark 607.334.7114, Ex. 4006  mclark@ofcinc.org

2016 Homeownership Academy Class Dates

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Announcing

The BINGHAMTON HOMEOWNERSHIP ACADEMY

2016  FIRST TIME HOME BUYER CLASS SCHEDULE !

FIRST SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • March 1, 8, 15, 29 & April 5th

@ Metro Interfaith, 21 New St., Binghamton 

 

SECOND SESSION:  SATURDAYS, 9:00 am to 1:00 pm

  • April 23, 30 & May 14, 21

@ First Niagara Homeownership Center, 112-122 State St., Binghamton

 

THIRD SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • September 13, 20, 27 & Oct. 4, 11

@ Metro Interfaith, 21 New St., Binghamton

Light Supper Provided Each Night Class & Light Breakfast Provided Each Saturday Class

Contact the Homeownership Academy Coordinator for more info & to sign up:

(607) 723-0723

Email: metro.csmith@stny.rr.com