“As the market continues to shift toward a more normal purchase market, our strategic partnerships with both Tom Ferry and RE/MAX have enabled us to provide highly valuable business information to real estate agents around the country, and at the same time, help us develop relationships with these agents so that, together, we increase our business and put people on a responsible path to homeownership,” says Owens.
Focusing on First-Time Homebuyers
As the foundation of the home-purchase market, Bank of America’s steadfast commitment toward helping create sustainable homeownership for first-time buyers is not only centered around active education, but ensuring that prospective first-timers can get easily accessible information that is vital to making a sound decision. While it starts with having the right people, policies and processes in place, Neighborhood Lending Executive Glenda Gabriel notes that as a whole, the industry is more in sync today with the consumers’ view of home buying and what they need before making a decision.
“First-time buyers are the backbone of this industry,” says Gabriel. A demographic that typically represents 40 percent of total buyers, this number has shrunk considerably over the last few years as prospective buyers continue to sit on the sidelines.
“We’ve seen a lot of surveys recently that show that now is a good time to buy,” says Gabriel, “and we want people to view homeownership as a foundation for helping to build long-term personal wealth.” And that starts with managing one’s financial life. “No matter how much money you have access to, you can always improve your money management skills,” adds Gabriel, when referring to the value of BetterMoneyHabits.com. Powered by Bank of America—and in partnership with Khan Academy—the site provides a world-class online education for anyone, anywhere, when it comes to understanding credit, debt management, saving and budgeting.
Bank of America has also taken a leadership position in developing financial education webinars covering important topics such as preparing for homeownership, understanding and managing credit, as well as the pros and cons associated with renting vs. owning. The company’s website—bankofamerica.com—is just one more place where first-time buyers can go to learn about down payments, various loan products and what they need to apply for a loan. Additionally, tools and resources such as a Home Loan Planner and Mortgage Calculator are available on the website to help first-timers plan and set goals in advance.
“Real estate never sleeps, and neither should we in terms of how we inform and work with the customer to make one of the most important decisions they will make in their adult life,” concludes Gabriel.
For more information, visit www.bankofamerica.com.
