Buying a house can feel like diving off the deep end of a swimming pool.
That’s why the Maine Bureau of Consumer Credit Protection has come out with a new guide.
As Joy Hollowell tells us, it helps those looking to buy as well as keep their dream home.
“Owning a home is really the single biggest way to build wealth.”
Angelia Levesque is the President of the Maine Association of Realtors. She’s been a realtor for 10 years, working in the market before, during and after the housing crisis.
“I think what we have now is a really healthy market in that we’re not going to see those high highs that we had,” says Levesque. “We’re seeing the first time home buyers the last couple of years, come back again.”
Keeping those buyers in their homes is the reason for a new booklet put out by the Maine Bureau of Consumer Credit Protection. It’s called the Downeaster Common Sense Guide to Finding, Buying and Keeping Your Maine Home.
“We’re a consumer protection agency, and we want anybody that’s using credit to purchase something, be it a home, be it a car, be it whatever, to make the right credit decisions,” says David Leach, principle examiner for the state of Maine Bureau of Consumer Credit Protection. “It helps Maine’s economy.”
The guide covers everything- from figuring out if you should rent or own a home, to preparing for the possibility of foreclosure.
“I would probably close to 100% of the people that were renters that decided to jump in and test the waters by buying a house and ended up in foreclosure,” says Leach. “Probably 100% or 99 point whatever percent, wished they had stayed in their rent.”
The booklet also talks about rounding up your mortgage payments to bring down your principle faster. And, bi-weekly versus monthly bills.
“A house is where you live, it’s not who you are,” says Leach. “And the single most important thing for a family is to be able to afford that place where they live.”
“Homeowners are proven to build communities,” adds Levesque. “They get involved, they coach the Little League, they run for council, and all that. So it’s just a great investment in the future.”
The Downeaster Common Sense Guide to finding, buying and keeping your Maine home is free.
Call 1-800-332-8529 to have one shipped to you. or you can view it online at www.credit.maine.gov