HomeHoneymooners Become Home Owners
by Brian Edwards
Rent the Limo - Buy the Home
It's a natural phenomenon! As engaged couples begin to think about thecelebration that will mark the beginning of their married life, an automaticshift into "planning mode" occurs. They gladly devote hour uponhour to planning every detail of that one special day, often calling uponthe expertise of bridal consultants, catering managers, and other professionalsto assist in the preparation. Now, Bankamerica National Mortgage offersa product for forward thinking couples to assist in the planning of thepurchase of their first home.
Through the Ready Set Own program, Bankamerica offers free financialcounseling to first-time homebuyers. "Many people don't realize thatthey can own a home for not much more - and in some cases less - than renting,"states Bankamerica New England Regional Vice President Robin Cileno. "Despitethe recent modest increases, interest rates remain at historic lows. Today,with a downpayment of only 5% or less, newlywed couples can own their firsthome sooner than they ever thought possible!"
The mortgage counselors at Bankamerica help young couples determine theirreadiness and ability to take on the responsibility of home ownership, matchingtheir needs to the appropriate mortgage program. Couples are guided throughthe entire process, from loan pre-qualification through closing. Clear explanationsof mortgage terms and lending concepts are provided, while personalizedattention is given to the particular concerns of individual borrowing situations.If necessary, Bankamerica works with couples to prepare them for a futurehome purchase by addressing such issues as monthly debt, credit history,budgeting and saving. According to Cileno, "First-time homebuyers especiallyappreciate Bankamerica's relaxed and friendly approach to customer service."
Well-Wishers Feather Lovebirds' First Nest
With a watchful eye on ever-changing consumer habits, Bankamerica alsohas a novel way for engaged couples to make the dream of homeownership cometrue even sooner than expected. The Bankamerica Home Bridal Registry opensa money-market account for enrolled couples to help save toward their firsthome. "Studies show that many dual-income couples earn more than enoughmonth to make monthly mortgage payments," explains Cileno. "Thetruth is, it is a lack of cash on hand for the downpayment and closing coststhat discourages young couples from pursuing a course of home purchase."
An Invitation to Save
The Bankamerica Home Bridal Registry provides professionally engravedannouncements for friends and relatives of the bride and groom informingthem of the couple's decision to save for the future. Wedding guests canforward funds and a gift form directly to Bankamerica, where representativeshandle deposits and mail back acknowledgments suitable for enclosing ina wedding card, similar to a check or a bond.
Holly Hill of Framingham, MA and her fiancé Raymond Little ofBoston, recent enrollees in the Home Bridal Registry, believe it to be aninnovative yet practical twist on wedding-gift giving. "We've madea home of our own and for our future children our top priority," statedMs. Hill. "We plan to use the Home Bridal Registry monies toward adownpayment on our first house."
Once the couple is ready, Bankamerica provides mortgage counseling, matchingthem to a loan program that best suits their needs and accumulated assets.Registered couples also receive a $100 gift from Bankamerica to be appliedto closing costs. "Many smart young couples are realizing the needto take advantage of ideal market conditions - favorable interest ratesand low home prices - today." notes Cileno. "Non-traditional meansof achieving their goal, such as the Home Bridal Registry, are now consideredsocially acceptable and are very much in vogue."
Brian Edwards is Marketing Director with Bankamerica National Mortgageat corporate headquarters in New York.