The benefits of owning your own home as opposed to renting was one of the central themes of the Sept. 15 home ownership workshop in Madisonville.
This is the third year that the NAACP Madison County Branch 6193, along with Wells Fargo Bank, has hosted the event.
Wells Fargo branch manager for Madisonville, Robin Smith, offered information on home ownership, credit basics, home financing details and the loan application process.
“I saw a house for $1,300 (per month), for rent the other day,” Smith said. “It was a small, but nice house. But you could buy a pretty large house for a monthly payment of $1,300.”
Smith also discussed with the crowd of approximately 30 people the additional benefits of owning a home, such as tax savings and equity.
“Don’t shy away from home ownership,” she said. “If you later decide that you want to move somewhere else, you can always sell, because you have built up value in your home.”
After explaining details of such terms and concepts as debt-to-income ratio, loan-to-value, and credit scores required for loan approval, Smith fielded questions from those in the crowd.
NAACP branch President Steven Green said he was pleased with the event.
“We try to really draw attention to building wealth through home ownership, and I do feel that this workshop was successful”, Green commented. As for Robin Smith, she finished the workshop by leaving attendees, and the Madisonville community, with an open invitation to visit her at the local Wells Fargo branch. “I love helping people fulfill their dream of home ownership, and I do my best to take care of my customers. Please feel free to stop by any time if you have interest or questions.”