Chase to Hold First Time Homebuyer Workshop in Manhattan

September 27th, 2007 | Leave a Comment

This Saturday, September 29th, Chase will hold a first time homebuyer workshop called, The Legacy of Homeownership Tour. The one day event is geared to educate and inform people on how to improve their credit and financial situation prior to obtaining a mortgage. Darn it, are they too late?

The event will be hosted by Lynnette Khalfani, also known as the Money Coach. She is a personal finance expert and author of Zero Debt and has appeared on Oprah, Tyra Banks and the Dr. Phil Show. Chase will offer free copies of her book to all attendees.

According to her personal invitation on her website, the event is:

For anyone who is tired of renting and making your landlord rich, this is your chance to get on the path to buying a home of your own. Also, for those of you who already own a house, we’ll be talking about smart ways you can get your second home – whether that’s a vacation house, a rental property or a future retirement home.

Anytime a buyer takes the initiative to learn how to better prepare themselves prior to purchasing a home is a good thing. My hat is off to you. One caveat - not all advice is created equal. Consider the source of the information as well as your personal situation. Get second and third opinions and find someone you trust.

Today’s market is quite challenging for the first time Manhattan home buyer. Now that you’ve decided to become a homeowner, it’s time to think about applying for a mortgage. In order to get a decent rate, not only do you need a higher credit score, low debt and stable income, but you may require more liquidity for a larger down payment. Your overall financial picture must be in-line with your short and long term goals. Be realistic.

Many home buyers are finding that they are getting priced out of certain types of apartments and neighborhoods. Many are re-grouping. Options include scaling down their choice of home as well location. Renting is an option but with a 1% vacancy rate, the prices are sky high. Interest rates and the cost of living in Manhattan continue to rise. Finding affordable living in Manhattan is quite challenging and sadly, many buyers are simply priced out.

The reality is that home buyers on the fringe are having to re-evaluate their home purchasing options. That’s not necessarily a bad thing. Being cautious and savvy from the beginning will help keep you from becoming a statistic like the many thousands of folks who got in too high over their heads with creative financing. Be diligent and do your homework!

An Educated Consumer is Our Best Customer ~ Syms

Location:
One Chase Manhattan Plaza - On Pine Street Between Nassau and William

Time:
Between 9am and 3pm

H/T - New York Post

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