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Real Estate Tips
Financing Your Home >Home Buyers Education

As the number of mortgage lenders increases, competition forces lenders to get more creative in finding ways to lend people money. This often takes the form of giving homebuyers a "break" in the down payment. The downside of this approach is that statistically, the smaller the down payment, the more likely the borrower will default. Lenders have put together an education program to prevent delinquencies, which fills a much-needed gap in the increasingly complex world of home finance.

Home buyer education classes focus on a variety of money management topics, including all the costs connected with obtaining and owning a home. One lender got together with FANNIE MAE (a government-sponsored loan guarantor) to launch a 3 percent down payment loan which requires participation in this education course. Other lenders have shown a decline in the default rate with five percent loans that are associated with similar education courses.

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Real Estate Trivia
Q 
In what movie did a cute extra-terrestrial take refuge in a California home on a cul-de-sac with a mountain peak towering behind it?

A 
Steven Spielberg's 1982 classic "E.T." was filmed in a real house on Lonzo Street, Tujunga, northeast of the San Fernando Valley.
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Leslie Benczik, REALTOR®, real estate agents and broker for Markham, Unionville and Stouffville, Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)

Leslie Benczik, Broker
RE/MAX All-Stars Realty Inc., Brokerage

4592 Highway 7 East
Unionville, ON. L3R 1M5
Phone: 905.477.7766
Downtown Toronto Direct: 416.597.0077
Toll Free: 1.888.762.7081
Fax: 905.477.0566
Email: Rachel@GetBenczik.com

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‡Leslie Benczik, Susan Taylor, Rachel O'Hearn, Alon Hillel, Rosemary Mauro, Tiffany Lee & Frances Kwong

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