Between understanding closing costs and filling out paperwork, buying a home for the first time can be daunting. But for Marge Meiring, a Minster Bank customer who took advantage of the Welcome Home program, it was much smoother.
“I’m 67 and I had never bought a house, so I was a little overwhelmed with it all,” said Meiring. “But the experience with Minster Bank was fantastic – really good. They were just excellent on everything.”
Working With Minster Bank Through the Home Loan Process
Meiring said she had first begun the loan process with another, larger bank nearby but ran into some snags. When she stopped by her local branch, they told her she’d have to talk to someone at another office and promised to send her a website link to follow.
“I never did get the link. The guy called three days later, and by that time, I already had the loan from Minster Bank,” Meiring said.
Meiring worked with Brenda Cavinder, Minster Bank Branch Manager, on the loan and had nothing but compliments for the way the process worked and the way she was treated. She also said the required Welcome Home program educational course was helpful.
After such a great experience, Meiring knew who she wanted to choose for her new bank.
“Of course, I took all my money out of (the other bank) and moved it to Minster Bank,” she said.
Since then, Meiring has moved into her new home in Minster and is enjoying every minute of it: “I love the location; I love the one-way street. I just unpacked the last box yesterday,” she said.
Financial Tips for First-Time Homebuyers
Buying a new home is a big step and comes with some costs you might not have known about. If you’re purchasing a home soon, make sure you’ve accounted for these costs:
- • Property taxes
- • HOA fees
- • Homeowner’s insurance
- • Inspections of a new home
Plan out a list of all the costs you might encounter beyond your mortgage. Based on what you come up with, you can make an informed decision about homeownership and ensure it’s right for you.
Visit our resources page to find handy calculators and look up how much your monthly payment would be if you should buy or rent, and more.
More About the Welcome Home Program
If you’re a first-time homebuyer, the Welcome Home Program could be right for you. Qualifying homebuyers can earn a free grant of up to $5,000 to apply toward their down payment and closing costs.
While this program is over for 2019, the process is simple – here’s what you need to do next year:
1. Apply for a home loan and Welcome Home grant through Minster Bank.
2. Receive further details from us on your eligibility.
3. Take part in an online educational class to help you get financial tips and start your homeownership off right.
4. Receive your funds and use them by December.
The Welcome Home Program is made possible by the Federal Home Loan Bank of Cincinnati. Through the program, eligible homeowners could receive up to $5,000 toward the purchase of their new residence, or $7,500 for homebuyers who are honorably discharged veterans or active duty personnel.
As the borrower, you would need to maintain ownership and reside in the property as your primary residence for at least five years.
Even though the 2019 program is over, you can still visit our Welcome Home page to learn more about the Welcome Home funds.