Good Morning! Welcome to Homebuyer Education Class I’d like to take a moment to applaud all of you for taking time from your jobs or school to attend today. It’s a great step you’re taking towards homeownership. My name is Dana Blanks, I’m the housing financial counselor here at the City of Wilmington. I’ll be your primary presenter today. Also here to day is Mr. Fred Riesz. He’s senior housing financial counselor for the City of Wilmington. Feel free to ask either of us questions at any time during the class. Additionally, we will have a guest speaker from the insurance industry to speak with you a little bit later on concerning the process of obtaining insurance for your home. Now. Let’s get started!
Here are a few of the topics we’ll be discussing today:
The class lasts from 9-3 with breaks every hour. Check your parking meter, get snacks, or go to the restroom. The restrooms are located across the entryway just past the elevators on the left. Lunch will be provided and usually arrives around 11:30 or so. This will be somewhat of a working lunch where we’ll eat and immediately begin the class again.
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
Now that you’re equipped with the resources to prepare for homeownership, let’s talk about the reason that you all are here. The City of Wilmington’s Home Ownership Pool - HOP Program.
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
Place of your own – decorate how you want Equity- Overtime you gradually accumulate “ownership interest” in the property that you can often borrow against or convert to cash by selling the house. Appreciation- Houses increase in value over time Tax Benefits -interest paid on the mortgage is usually deductable More Expensive-you can usually expect to pay more as a homeowner rather than a renter Possibility of Foreclosure-lose house, credit rating, possible judgment after foreclosure Decreased Mobility-can not pick up and move as easily as a renter. Make sure you thoroughly check house/neighborhood/schools. Typically a homeowner will not even break even on a sale within 2 years of the purchase. Upkeep-Repairs and maintence
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