First-Time Homebuyers Tool Box

Bank of America has launched a new educational video series designed to simplify the homebuying process for prospective first-time buyers. The First-Time Homebuyer Online Edu-Series™ features Bank of America experts providing guidance and tips on homebuying, and is the company’s latest effort to help more individuals and families pursue sustainable and affordable homeownership.

The six-episode, on-demand series, hosted by BuzzFeed’s Hannah Williams, covers key aspects of homebuying and teaches viewers smart strategies to shift attitudes from “How do I do this?” to “I can do this.” Video topics include:

  • Five Stages to a Home of Your Own
  • Preparing Your Finances
  • Prepare, Prequalify and Get Preapproved
  • Find a Home and Make an Offer
  • Apply for a Mortgage
  • Close Your Loan and Move In

“The path to homeownership isn’t always easy to navigate, but this series creates a roadmap to take you from renter to owner,” said Kathy Cummings, senior vice president of Homeownership Solutions for Bank of America and an expert on preparing to buy a home. “We created this series to demystify homebuying and to give first-time buyers the confidence to pursue their goal of owning a home of their own.”

Most homeowners (88 percent) agree that buying a home is the best decision they have ever made, according to Bank of America’s Homebuyer Insights Report. However, 95 percent of prospective homebuyers face barriers to owning, including 42 percent who feel they lack support/advice and don’t know where to start. The guidance and tips made available through this video series offer a substantive starting point for prospective homebuyers.

Beyond this series, Bank of America is supporting prospective homeowners through its $5 billion affordable homeownership initiative, which will help more than 20,000 individuals and families become homeowners. This Community Homeownership Commitment includes grant programs (no repayment required) specifically designed to help prospective homebuyers get over the most common barrier to homeownership ‒ saving enough for a down payment and closing costs. Additionally, through Better Money Habits®, Bank of America supports people in becoming more financially resilient by connecting them to the tools, resources and education they need to help achieve financial goals, including homeownership.

To learn more, register for free access to the First-Time Homebuyer Online Edu-Series™, and visit the Bank of America Down Payment Center for information about the bank’s down payment and closing cost grants.

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