By Sherica Daley | [email protected]
“Give yourself the advantage,” explained Daryl Newkirk, Mortgage Expert and Community Home Lending Advisor with Chase Bank. Potential homebuyers in Jamaica, Queens attend The Lunch & Learn Homebuyer Event to educate on the walk-through of the homebuyer journey, and successful closing of the deal. The information event held at the Chase Community Bank on 161-10 Jamaica Avenue, with RB The Realtor, served as a homebuyer masterclass to teach home seekers the financial options, and the responsibilities of being a successful homeowner.
“Knowing what the responsibilities of the realtor, the loan officer, and yourself, are important in getting the deal,” explained Newkirk. He started the seminar with the step-by-step home-searching process. The first step is the responsibility of the homebuyer, and get their documentation, and learn what assistance they are eligible for. “I like to use the 222 rule when meeting with potential homebuyers the first time,” explained Newkirk.
The 222 rule reflects the time frame of what you have been doing in the last two years: two years of employment history, two years of credit history, and two years of savings. Once a customer has these necessary documents, the next step is checking for additional financial assistance. Chase offers many grants to customers like the Chase Homebuyer Grant, and the Chase Enhanced Grant. These grants assist eligible customers making a monthly income over $1,000 with a $2,500- $5,000 grant towards the home purchase, especially in predominantly Black and Hispanic communities.
Once these criteria are met, the next step is to get in contact with a realtor and start looking at properties. “Nobody likes a window shopper,” pointed out Veteran NYS Licensed Realtor Rasheedah “RB” Brown.
Since the COVID-19 pandemic, shopping for a home has changed.” explained Brown. “Now homes need a pre-approval just for viewing. “You can’t be looking at a million-dollar property when you only qualify for $250,000,” said Brown. Being in real estate since 2003, she led the discussion on what it is like to be a real estate agent, and gave insightful advice, and what she has learned in getting to the final closing. “The job of a real estate agent is to provide guidance and their resources,” said Brown. “It’s about investment! Investment in yourself, and your future”
Next, Brown led the discussion on finding properties, and different types of properties that a potential buyer is interested in. Search engines like Zillow and Trulia, are popular in looking into properties and estimating the price range of a single or multi-family home. An important piece of advice Brown provides is to start the search now in winter. “December is the perfect time to start the home search, because there is less traffic, and you get a home at the best price point.” pointed out Brown.
The discussion next went into the legal parts of looking for a home, with Lasheca Lewis, Esq. She is a real estate attorney specializing in commercial properties and works for a virtual law firm Lawsheca, PLLC. Lewis educates participants on the legal terms, and documents needed to close a home purchase. “My favorite part is closing on a home” explained Lewis.
“But, before purchasing a home certain precautions should be taken, so the client buying a property has no problems in the long run.”
Lewis describes the need for a certificate of occupancy of the home that permits the occupancy of the house. This guarantees that no previous owners can claim rights to the house. To protect buyers’, need for title insurance. Title insurance, similar to car insurance, is protection for the homeowner against any financial losses and damages.
“The main point of today’s event is affordability.” closing the discussion with Amarilis Blackwood, Chase Bank Development Manager. “We want potential clients to afford to look, purchase, and close a home within 90 days, and manage reasonable mortgage rates,” explained Blackwood.
The seminar ended with lunch and refreshments, and access to a QR code to contact information to future events, and to Brown’s reality, RB Realtor’s listings to properties in New York. Brown took satisfaction out of her 20 years in the real estate field, “The best part of her job is getting invited to the cookout!”