Own it, Keep it
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Own it, Keep it



An Innovative Home Buying and Homeownership Campaign ...

An Innovative Home Buying and Homeownership Campaign

The Connecticut Association of Realtor®, Inc.("CAR") has launched Own it, Keep it! , a campaign to promote responsible and informed home ownership.

The country's recent economic meltdown has taught us two serious lessons:

1. Finances are the backbone of real estate transactions and our economic stability.

2. Understanding how to buy a home can impact the ability to keep a home.

CAR believes responsible home buying and ownership can happen through education. Own it, Keep it! is education -- it is objective information and relevant resources in an easy to read and understand website, www.ownitkeepit.org.



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  • Thomas J. FoxCommunity Outreach DirectorCambridge Credit Counseling Corp.IFL Certified Educator in Personal FinanceAFCPE Accredited Financial Counselor413-241-2362tfox@cambridgecredit.org

Own it, Keep it Own it, Keep it Presentation Transcript

  • Developing A Plan For Homeownership
  • 2
    Thomas J. Fox
    • Community Outreach Director at Cambridge Credit Counseling Corp.
    • AFCPE Accredited Financial Counselor
    • IFL Certified Educator in Personal Finance
    • NCHEC Certified Housing Counselor
    • Radio Talk Show Host, Money America
    The Republican Newspaper (MA), By William Burke, April 27, 2009
    Own It, Keep It!
  • Having The Right Mindset
    Own It, Keep It!
    Is your employer and your position within the company reliable?
    How is your credit?
    Have you saved for a down payment?
  • Homeownership Done Right
    Own It, Keep It!
    Owning a home provides not only a place to raise your family and call your own, but an investment in your future.
    Preparing to take on the American dream often comes with work and sacrifice, but the advantages can outweigh the disadvantages.
    Do it right by researching and knowing exactly what you’re getting into before buying a home.
  • 5
    Overcoming Homeownership Learning Barriers
    Financial Problems
    Time Issues
    Negative Perceptions
    Own It, Keep It!
  • Resources For Getting Started
    Own It, Keep It!
    Own It, Keep It! (ownitkeepit.org)
    Connecticut Association of Realtors (ctrealtor.com)
    HUD Certified Housing Counseling (hud.gov)
    Connecticut Housing Finance Authority (chfa.org)
    The United Way’s 211 (infoline.org)
  • Advantages
    Stable Housing Costs
    Tax Benefits
    Control Over Your Environment
    Monthly Costs
    No Guarantees
    Maintenance and Repairs
    Decreased Mobility
    Fewer Features Included
    Things To Consider About Homeownership
    Own It, Keep It!
  • The people you will encounter on your way to owning, and keeping, your home
    Own It, Keep It!
    Who You Will Work With
  • Housing Counselor
    Trained to assist prospective buyers and homeowners on variety of homeownership issues. Provide educational classes or one-on-one sessions to educate individuals on how to become homeowners and maintain homeownership.
    Own It, Keep It!
  • 10
    Real Estate Agent
    There are different types of agents you must be aware of. First there is the listing agent who has a contract with the seller of the home to represent the sellers best interests . A buyer's agent works for the purchaser. They're also agents who work with both the buyer and the seller, this is referred to as dual agency and is prohibited in some states.
    Own It, Keep It!
  • Home Inspector
    Individual who validates the structure and mechanical aspects of a property. The inspector details his findings in a report discussing major areas of concern.
    Own It, Keep It!
  • 12
    Lenders are banks, savings associations, credit unions, mortgage companies and brokers, governmental agencies and other institutions who lend money to homebuyers in need of financial assistance in securing property.
    Own It, Keep It!
  • Appraiser
    Appraiser is hired by the mortgage lender to estimate the value of the property to be financed. The appraiser works to determine the fair market value of the house by comparing it with similar ones sold in the community.
    Own It, Keep It!
  • 14
    Insurance Agent
    When financing a home, most lenders will require the homeowner to secure insurance on the property. Your insurance professional will be able to advise you on the proper coverage for your home.
    Own It, Keep It!
  • Attorney
    Attorneys specializing in real estate law provide invaluable advice regarding your homeownership options. These individuals can be especially helpful in the creation of real estate contracts, title searches and the closing process.
    Own It, Keep It!
  • The costs of Homeownership
    Own It, Keep It!
    Financial Aspects of Homeownership
  • Individual
    Own It, Keep It!
    How Much Home Can You Afford?
  • Importance Of A Plan
    The most important financial step an individual can take!
    Directed by goals and financial resources.
    Reviewing spending habits ensures you’re on the right path to achieve your goals.
    Provides direction as you manage all aspects of your finances -- spending, credit, savings, and investments.
    Own It, Keep It!
  • Gross Income
    $1312 Gross Income
    Gross income represents a person’s income before taxes and other deductions are taken out.
    Does not offer a true representation of your finances.
    Net income represents the money you actually control.
    Gross Vs. Net Income
    Own It, Keep It!
  • Ordering Your Credit Reports
    Online: www.annualcreditreport.com
    Telephone: 877-322-8228
    Mail: Annual Credit Report Request Service
    P.O. Box 105281
    Atlanta, GA 30348-5281
    Your must download form from www.ftc.gov/credit
    Own It, Keep It!
  • Check Your Credit Reports
    Own It, Keep It!
  • Dealing with foreclosure
    Own It, Keep It!
    Keeping Your Home
  • What Happens With Foreclosure?
    Own It, Keep It!
    When a homeowner loses the ability to make ongoing mortgage payments, the lender can legally take ownership of the home
    Lender can sell the property to cover the outstanding debt
    In some states lenders can pursue a deficiency judgment if the home is worth less than the amount owed
  • 24
    What Are Types Of Foreclosure?
    Judicial foreclosure involves a court action
    Non-judicial foreclosure can be completed outside the court system, however the lender is unable to get a deficiency judgment.
    Own It, Keep It!
  • Avoiding Foreclosure
    Own It, Keep It!
    Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies
    These agencies are funded, in part, by HUD and NeighborWorks America. There is no need to pay a private company for these services
    HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure
    If you are eligible for the loan modification or refinance program, the counselor will work with you and your servicer.
  • There Is Help, But You Have To Ask!
    Own It, Keep It!
    Many people avoid calling their lender when they have money troubles.
    Foreclosure is expensive for lenders, mortgage insurers and investors.
    HUD/FHA, as well as private mortgage insurance companies and investors like Freddie Mac and Fannie Mae, require lenders to work with borrowers.
  • Workout Programs
    Lenders have workout options to help homeowners; however, these options work best when the loan is only one or two payments behind.
    Own It, Keep It!
  • Questions?
    Own It, Keep It!