Navigating Homeownership: Insights from the Financial Literacy Resource Fair

April 9, 2024

In a collaborative effort to make the dream of homeownership a reality for more people, CNB  joined forces with Habitat for Humanity of Broward Restore and Broward County Public Schools. This partnership brought forth a Financial Literacy Resource Fair, aimed at empowering Broward School Board employees with the knowledge and tools necessary to navigate the complex journey towards owning a home.

At the heart of this event were CNB volunteers, Michele Edwards-Collie and Lenin Deno, whose contributions were instrumental in educating attendees about the various aspects of financial literacy and its critical role in the home-buying process.

Lenin Deno, a Community Development Banker at CNB, shared invaluable insights during the fair.

Here’s a summary of the key takeaways for prospective homeowners:

Start Saving Early

The journey to homeownership begins with savings. Deno emphasized the importance of starting the savings process early, highlighting that while down payment assistance programs are beneficial, certain requirements must be met. For instance, CNB's CitySmart Loan Program mandates borrowers to save at least 1% of the home's price for the escrow deposit, aside from covering additional out-of-pocket expenses such as appraisals and inspections.

Develop a Detailed Budget

Creating and adhering to a detailed budget is crucial. It not only allows you to monitor your income and expenses closely but also ensures you understand how much you can afford to dedicate to a mortgage payment each month. A well-maintained budget is pivotal for managing finances effectively and plays a significant role in boosting your savings, thereby supporting the goal of accumulating sufficient funds for a down payment.

Understand Your Credit

A thorough understanding of your credit situation is vital for prospective homeowners. Knowing your credit score is just the starting point; being familiar with the intricacies of your credit report is equally critical. Deno recommended engaging with a HUD-approved counselor to receive personalized advice and take a significant step towards homeownership.

Be Informed About Loan Options

Before getting prequalified for a loan, it’s essential to be well-informed about your options. This includes understanding the estimated monthly payment, the interest rate, and the total amount of cash needed at closing. This knowledge is fundamental in preparing for the financial responsibilities that come with owning a home.

The Financial Literacy Resource Fair was not only a platform for sharing knowledge but also a testament to CNB's commitment to community development and financial empowerment. As we look forward to the next fair, CNB remains dedicated to providing further insights and support to those on their path to homeownership. Stay tuned for more updates and tips on making your homeownership dreams a reality.

If you would like to learn more about CNB's CitySmart Loan Program contact a specialist today.

Please note: The content in this article comes from individual opinions and experiences. The content should not be taken as advice coming from City National Bank of Florida. City National Bank of Florida does not offer tax, legal or accounting advice.

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