ICBA Offers Tips to Help Simplify the Homebuying Process

Washington, D.C. (June 9, 2023) — In recognition of National Homeownership Month in June, the Independent Community Bankers of America (ICBA) is encouraging current and prospective homeowners to consult their trusted local community banker about how to make the homebuying process easier and more affordable.

“For many Americans, homeownership helps establish community ties, create financial stability, and build a nest egg for retirement” ICBA President and CEO Rebeca Romero Rainey said. “As relationship lenders, your local community bank can help walk you through the mortgage and financing process and improve your outlook as an informed buyer.”

Whether you are refinancing or purchasing your home, a community bank can help you determine:

1. The ideal loan amount and products to meet your budget considerations. This includes reviewing the mortgage process in detail and flagging ideal programs and loan features.

2. How mortgage rates, the loan amount, property taxes and insurance premiums affect payments. This will help you set a budget to help you manage your homeownership expenses.

3. Your rights and obligations under your mortgage contract. Today’s consumers have many financing options—each with unique stipulations outlined in the fine print.

4. Suitable government-sponsored programs, including applicable state, local government, and specialty programs in addition to federal homeownership and home-buying assistance programs.

5. Additional resources to help you create a budget and set financial targets, including homebuyer seminars. Free online educational tools can also be found at www.hud.gov.

To find a community bank near you, visit BankLocally.org.

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding $5.8 trillion in assets, $4.8 trillion in deposits, and $3.8 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers' dreams in communities throughout America. For more information, visit ICBA's website at www.icba.org.

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