Workshop to offer info on how to buy a home

FREEHOLD — In what they say is a buyer’s market for housing, Freehold Borough officials are trying to make that market more accessible and more understandable to people who may be thinking about buying a home in the borough.

A Home Buyers Workshop will be held from 9 a.m. to 2 p.m. Sept. 11 at the Park Avenue Elementary School, 280 Park Avenue. Information about the process of buying a home will be provided to attendees.

“This is the best time to buy a home now that home prices and mortgage rates are the lowest they have been in over 20 years,” Borough Councilman George Schnurr said. “The workshop will cover everything a person will need to know about purchasing a home. As many homeowners already know, the purchase of a home is one of the most important financial decisions that people make in their lifetime. The Borough Council sees the need for this type of home buyer training to help people make educated decisions.”

Workshop participants will receive credit and a certificate from Check-Mate Inc. for attending a home buyer workshop.

“For many types of governmental financial home mortgage assistance, it is mandatory that potential home buyers obtain the required number of hours of training prior to loan submission. Attendance at this workshop goes a long way in fulfilling that requirement,” Schnurr explained.

Topics to be discussed include: steps to home ownership for first-time buyers, low interest state sponsored mortgage loans, assessing home ownership readiness and affordability, financial assistance for down payments, closing costs and credit scores.

Freehold Borough’s “Live Where You Work” program will also be discussed at the workshop. The program offers incentives to people who will live and work in a participating municipality.

“This program will strengthen our neighborhoods, increase community involvement and attract individuals who want to live and work in the same town,” Schnurr said. “It will also help to develop positive relationships between Freehold Borough and members of the local business community.”

Representatives from Check-Mate Inc. will discuss the pros and cons of home ownership and offer an overview of the home purchase price, among other topics.

Representatives from the New Jersey Housing and Mortgage Finance Agency will explain Freehold Borough’s “Live Where You Work” program and discuss other NJHMFA programs.

Representatives of lending institutions and mortgage companies will discuss how a lender decides whether to lend money to an individual; housing affordability and qualification; sources for mortgage loans; predatory loans and how to avoid them; types of mortgage loans; special financing products; steps in the mortgage loan process; loan application and approval process; and common lending documents.

Representatives from Nova Debt will discuss the importance of goal setting; tracking expenses; setting up a spending plan; budgeting and savings tips; the importance of good credit; understanding credit and how to protect credit ratings, and more.

Real estate professionals will discuss different types of homes and ownership; how to select a home and neighborhood; how to make an offer; negotiating tips; and they will discuss the purchase contract inspections, as well as the escrow and closing process.

For further information call 732-774- 3100, ext. 119