Lending institutions create programs to help homebuyers feel more confident

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Lending institutions create programs to help homebuyers feel more confident

April 30, 2010 - Although experts say that the real estate market is beginning to show signs of recovery, some prospective homebuyers are still overwhelmed by the purchasing process. Consequently, many home loan providers are launching programs to help these individuals feel more comfortable as they look for a new place to live.

For example, Bank of America recently announced the availability of a web-based home loan guide that is intended to give consumers an overview of the homebuying process. Although the lender has provided similar services through its website for the past year, bank officials recently revised the online guide to cater to today's buyers.

The new website includes interactive tools, calculators and worksheets to help those who are considering a move to determine what they can comfortably afford. These devices aim to help buyers find out if they are ready for homeownership, set a budget, understand their credit scores, save for a new home, choose the right loan and effectively complete the loan application process.

Todd Dal Porto, an executive for the bank's Home Loans Enterprise Sales department, said that these tools can "empower homebuyers to make decisions that are right for them."

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