Friday I completed the last of the 4 Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, that I planned on covering in the series.  As good as it is to know what the Loan Program Options are for Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, it is probably even more important to learn about the Home Buying Process which will enable Buyers to use these Loan Programs.

In my opinion before a Buyer can even begin to determine what Loan Program might be best for them, Buyers, especially First Time Homebuyers need to attend a "First Time Homebuyer Seminar".  At a First Time Homebuyer Seminar a homebuyer will not only learn about the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, they will get to meet and talk to those who will play the most important roles in helping them obtaining that dream house, and help them determine which of the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut will best fill their needs.

At these First Time Homebuyer Seminars, there will usually be a Realtor, Loan Officer, Attorney, and in many cases a Home Inspector.  Each and everyone of these professionals will share their role in the Homebuying Process. and assisting the homebuyer with the decisions that will have to be made along the way.

Some of the things that will be covered at a "First Time Homebuyer Seminar" are:

• Do they really want to own their own home.
  
• The advantages of owning a home.
  
• Can they afford to purchase a home (in other words, have they considered the costs of purchasing a home)
• Realtor - The Steps In Finding A House
  • Home Search
  • Sales Contract
  • Home Inspection
• The Loan Process
  
  • Application
    
  • Loan Programs & Terms
    
  • Credit Report
    
  • Automated Underwriting
    
  • Signing Loan Application
    
  • Good Faith Estimate (GFE)
    
  • Truth In Lending (TIL)
    
  • Disclosures
    
  • Appraisal
    
  • Underwriting
    
  • Closing Department
    
  • Commitment Letter
    
  • Conditions
    
  • Clear To Close
    
• Attorney - Closing Package
  
  • Title Search
    
  • Title Insurance Policy
    
  • Day Of The Closing
    
  • Walk-Through
    
  • Signing Documents
    
  • Recording The Deed

As you can see from just this brief outline there is a lot of information covered at the "First Time Homebuyer Seminars".  This information is also covered in more detail in a series of blogs that I did back in January of 2007:

First Time Homebuyer Seminars…..Part #1

First Time Homebuyer Seminars…..Part #2

First Time Homebuyers Seminars…..Part #3

First Time Homebuyer Seminars…..Part #4

Besides providing all of this information, "First Time Hombuyer Seminars" also give homebuyers an opportunity to ask question that are important to them without having to meet with those that will play a huge role in the purchase of their home individually.  They are all there at the Seminar and happy to spend as much time as needed answering questions, both during and after the Seminar.

My next blog in this series we will cover a second very important step in determining the Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut that is right for you, the Pre-Approval Process".  Look for this blog on Tuesday.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com