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that any co-signer you use has their documentation in order and is prepared<br />
to share it. Another consideration is that missed mortgage payments will adversely<br />
affect the cosigner’s credit, as well.<br />
The co-signer will need to be present at closing, or prepare a Power of Attorney<br />
document that allows someone else to sign in his place.<br />
One drawback of having someone co-sign on a loan is that many special<br />
mortgage programs, such as Citizens in Action or TD First Time Home Buyer’s<br />
program, won’t offer their reduced rates on loans with co-signers.<br />
Sometimes FTHB<br />
programs are simply<br />
marketing gimmicks and<br />
Home Buyer’s Resources<br />
This section was prepared with the assistance of<br />
Sarah Rothenberg of the LRRC.<br />
The Lakewood Resource and Referral Center,<br />
(732) 942-9292 offers Home-Buying<br />
may not save you money<br />
at all; make sure you<br />
Seminars and advice on programs and<br />
thoroughly understand the<br />
resources that buyers may need. Many<br />
details of the offer before<br />
first-time home buyer mortgage programs<br />
assuming it is a good deal<br />
require attendance at a first time homebuying<br />
education seminar, and the LRRC<br />
seminar, offered weekly, satisfies that requirement. They also provide individual<br />
consultations to help potential buyers determine if homeownership is<br />
for them, and how they can best approach their purchase.<br />
Numerous programs exist to help first time home buyers with their mortgages.<br />
Products change constantly, so consult with a certified housing counselor<br />
at the LRRC or a knowledgable mortgage professional to learn what is appropriate<br />
for your needs. Benefits of these FTHB programs include lower-thanmarket<br />
interest rates, lower down payment requirements with no mortgage<br />
insurance, closing cost assistance, and non-traditional credit.<br />
Understanding Homeowner’s Insurance<br />
This section was prepared with the assistance of Samuel Greenes of Stonebrook Insurance Group.<br />
To qualify for a mortgage, you will need to show that you have obtained<br />
homeowner’s insurance. Because the home is the lender’s collateral on the<br />
70 | 2017 Lakewood Home Buyer’s Guide
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