Complicated as a home loan

Few processes require more paperwork, more signatures (at least 30), and more complicated numbers than borrowing to buy a house. Though much of this is baked into the process and unavoidable, good training can ease the burdens imposed by these complexities. As Benjamin Franklin noted in his book The Way to Wealth, “an investment in knowledge pays the best interest.” We at the bank hope to help you save some interest through an investment in knowledge.

On September 28, Farmers and Mechanics will host a seminar at the Greene County Event Center beginning at 6:30 pm. Anyone looking to purchase a house soon is welcome to attend and hear industry experts explain the process of obtaining and financing that house.

We will walk prospective home buyers through the one-to-two-month long process, including the documentation that will be asked of them and how those documents are used to verify numbers supplied on the mortgage application. An expert from a title company will be with us to discuss their role in the process. A homeowner has a legal right to the property on which his or her home resides. A record of who has a right to that property must be reviewed so that the new homeowner is assured he purchased the home from the rightful owner. Title companies play an important role in assuring the home purchaser that his new home can legally be transferred to him. An expert realtor will be present to share information about his role through the purchasing, financing and closing of a home mortgage transaction.

A home is the single largest transaction most individuals will ever make. We at the bank believe it is important that the purchaser know confidently they can repay their mortgage. During the seminar, we will have an expert available to walk through the financing options available and what safeguards are in place to maximize the homeowner’s ability to repay.

To thank each prospective homeowner for attending, Farmers and Mechanics will offer all attendees a $200 credit which they can redeem toward their closing costs. The credit is valid for six months from the date of the class and is non-transferable.

We would ask that you RSVP for this event so that we can know a little more concretely for how many to prepare. Call us at 812-384-4473 and let any one of us know you would like to join.

Joshua Riggins is the president of Farmers & Mechanics Federal Bank in Bloomfield, and is committed to providing customers with a reliable and competent banking experience.