Buying a home can be a confusing and overwhelming process, especially for first time homebuyers. It’s Fawnda Thompson’s goal to educate home buyers so they can make better informed decisions.
For close to ten years, Thompson, an Assistant Vice President at Siuslaw Mortgage in Eugene, OR, has been volunteering her time teaching homebuyers what they need to know to protect themselves. Thompson, along with other volunteers, teaches “The ABC’s of Home Buying,” an eight hour class offered by the Neighborhood Economic Development Corporation that walks buyers through loan products, inspections, negotiations, the sales contract, deeds, escrow, home maintenance and much more.
“I saw far too many people coming for help after they got into the wrong loan and were already in trouble,” cautions Thompson. “I remember how confusing this business was when I first started. There are so many acronyms and terms, it’s almost a different language.”
The need for homebuyer education is all too clear as the housing market feels the fallout from many poor financing choices and buying decisions. Thompson notes that uneducated buyers often rely heavily on loan officers. Unfortunately, many loan officers may work solely on commission and may not always act in the best interest of the buyer.
Thompson’s philosophy is to arm people with the information they need so they can avoid being taken advantage of and make decisions based on real knowledge. “I tell them to ask questions, ask people to clarify any terms or abbreviations they don’t understand.”
Like Siuslaw Bank, banks across Oregon are dedicated to helping their local community members navigate the homebuying process. Find out about classes in your area by visiting our Financial Education pages, or learn more about NEDCO's courses for Lane County residents at www.nedcocdc.org/abc.htm.
Does your bank have a financial education story to share? Send it to arose@oregonbankers.com.
