Honeymooners Become Home Owners

by Brian Edwards

Rent the Limo - Buy the Home

It's a natural phenomenon! As engaged couples begin to think about the celebration that will mark the beginning of their married life, an automatic shift into "planning mode" occurs. They gladly devote hour upon hour to planning every detail of that one special day, often calling upon the expertise of bridal consultants, catering managers, and other professionals to assist in the preparation. Now, Bankamerica National Mortgage offers a product for forward thinking couples to assist in the planning of the purchase of their first home.

Through the Ready Set Own program, Bankamerica offers free financial counseling to first-time homebuyers. "Many people don't realize that they can own a home for not much more - and in some cases less - than renting," states Bankamerica New England Regional Vice President Robin Cileno. "Despite the recent modest increases, interest rates remain at historic lows. Today, with a downpayment of only 5% or less, newlywed couples can own their first home sooner than they ever thought possible!"

The mortgage counselors at Bankamerica help young couples determine their readiness and ability to take on the responsibility of home ownership, matching their needs to the appropriate mortgage program. Couples are guided through the entire process, from loan pre-qualification through closing. Clear explanations of mortgage terms and lending concepts are provided, while personalized attention is given to the particular concerns of individual borrowing situations. If necessary, Bankamerica works with couples to prepare them for a future home purchase by addressing such issues as monthly debt, credit history, budgeting and saving. According to Cileno, "First-time homebuyers especially appreciate 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 also has a novel way for engaged couples to make the dream of homeownership come true even sooner than expected. The Bankamerica Home Bridal Registry opens a money-market account for enrolled couples to help save toward their first home. "Studies show that many dual-income couples earn more than enough month to make monthly mortgage payments," explains Cileno. "The truth is, it is a lack of cash on hand for the downpayment and closing costs that discourages young couples from pursuing a course of home purchase."

An Invitation to Save

The Bankamerica Home Bridal Registry provides professionally engraved announcements for friends and relatives of the bride and groom informing them of the couple's decision to save for the future. Wedding guests can forward funds and a gift form directly to Bankamerica, where representatives handle deposits and mail back acknowledgments suitable for enclosing in a wedding card, similar to a check or a bond.

Holly Hill of Framingham, MA and her fiancé Raymond Little of Boston, recent enrollees in the Home Bridal Registry, believe it to be an innovative yet practical twist on wedding-gift giving. "We've made a home of our own and for our future children our top priority," stated Ms. Hill. "We plan to use the Home Bridal Registry monies toward a downpayment on our first house."

Once the couple is ready, Bankamerica provides mortgage counseling, matching them to a loan program that best suits their needs and accumulated assets. Registered couples also receive a $100 gift from Bankamerica to be applied to closing costs. "Many smart young couples are realizing the need to take advantage of ideal market conditions - favorable interest rates and low home prices - today." notes Cileno. "Non-traditional means of achieving their goal, such as the Home Bridal Registry, are now considered socially acceptable and are very much in vogue."

Brian Edwards is Marketing Director with Bankamerica National Mortgage at corporate headquarters in New York.

Home