February 5,
2007
Mortgage incentive programs make home buying a little
easier
Clara Bennett holds a photo of her new home, a dream
made possible in part by an incentive program available to University
employees.
Clara Bennett has always dreamed of owning a home.
That dream recently became a reality thanks in part to mortgage incentive
programs available to University employees through area banks.
Bennett, a single mother who works in Support
Operations for Facilities and Services, first learned about the incentives
through the Administration and Finance Web site. There she found contact
information and began investigating the options, including those for
first-time homebuyers like herself.
“I was surprised how much assistance was
available. I am the first person in my immediate family to purchase a
home. The whole home-buying process was not easy, but it is worth all
the work. Everyone is very proud of me, and I am proud of myself,”
says Bennett.
The mortgage incentives are available to full-time and
part-time employees of the University and Strong Health and are
administered directly through the participating banks: HSBC, JPMorgan
Chase, Advantage Federal Credit Union, and M&T Bank. The incentives
vary by institution, for example, some target low-income or first-time
buyers, others provide matching funds for savings accounts, and others
apply to those who plan to purchase a residence in designated low- or
moderate-income census tracts in the city.
The program began in 2003 as an effort by the City of
Rochester to promote home buying and economic development. Kathy
King-Griswold, assistant treasurer, says the University provides the
mechanism for connecting faculty and staff to the bank representatives.
Once that connection is made, King-Griswold says, it is important for
employees to review all the options available before making a mortgage
commitment.
“All of these banks offer competitive interest
rates, but you want to make sure there’s a good fit between the
lender and the home buyer,” she says. “Shop around, ask lots of
questions, compare rates, and get a feel for the bank’s personality.
It’s important to feel comfortable with the person handling your
mortgage.”
For many first-time home buyers, the mortgage process
can seem intimidating, says King-Griswold. To help employees learn more
about that process, what questions to ask, and what to expect,
Administration and Finance is sponsoring a series of seminars that cover
the basics of home buying, including prequalification, credit history, the
application process, and closing. The seminars are part of the ongoing
Financial Health Bites series designed to help educate faculty and staff
about a range of financial issues. Recent topics have included identify
theft and money management.
The seminars on home buying will be held February 6
and March 6 at the Medical Center and February 20 and March 20 on the River
Campus. For more details about the seminars and the mortgage incentive
programs, visit www.rochester.edu/adminfinance/treasury/index.html or
contact King-Griswold at x5-6968.
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