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NH Business Review
Prospective buyers should consider these steps to increase their chance
June 9, 2021
Genie Smith, New Hampshire area lending manager for Bank of America.
If you’re hoping to buy a home this summer, you’re in good company. Homebuyers in New Hampshire face the most competitive U.S. housing market in decades: low mortgage rates and strong demand can mean heated bidding wars. The past year has fueled a stronger desire for homeownership, and Bank of America’s latest Homebuyer Insights Report found prospective buyers are eager to swap unpredictable monthly rents with steady monthly mortgage payments. In fact, nearly half (46%) of respondents say that building equity is more important now than ever before.
As Worcester moves forward with its revitalization, Bank of America in April convened a community roundtable on how to move more people into affordable homeownership. With the participation of local leaders including Timothy Murray, president and CEO of the Worcester Regional Chamber of Commerce, and Tim Garvin, CEO of United Way of Central Massachusetts, the discussion focused on overcoming barriers to entry in the local real estate market.
Prospective buyers know what they want in a home, but see barriers ahead inman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inman.com Daily Mail and Mail on Sunday newspapers.
Bank of America is tripling the amount of money it’s dedicating to help low- and moderate-income borrowers purchase homes to $15 billion through 2025, the mortgage giant announced Wednesday.
In 2019, the bank launched an affordable homeownership initiative, called the Community Homeownership Commitment, pledging $5 billion over the next five years with the goal of assisting more than 20,000 individuals and families buy homes.
D. Steve Boland
Because of low interest rates and sky-high demand resulting in a booming mortgage market, BofA was able to meet that goal early, President of Retail D. Steve Boland told
“I’m pleased to say that we’ve gotten a lot further than that and we already have done over $5 billion to help create 21,000 new homeowners to the commitment,” Boland said.