Homebuying Resource For Hispanic Consumer.

Because of its rapid growth, the U.S. Hispanic community is expected to become a key factor in household growth over the next decade. The result will be that more Latinos will become first-time homebuyers than any other ethnic group.

Now, there is a new online resource available in Spanish to help homebuyers sort out the myriad details that can make buying a home confusing and intimidating.

The Mortgage Bankers Association (MBA) announced the launch of its new consumer website for U.S. Spanish speakers, Centrohipotecas.com, that provides information in a simple, easy format to help consumers understand all aspects of homebuying and homeownership. Topics include basics of homebuying, the importance of credit records, finding the right home, finding a mortgage lender and identifying which type of loan best fits consumers’ financial situation.

“The Mortgage Bankers Association wants to help all Americans realize the dream of homeownership,” said Cheryl Crispen, senior vice president of communications and marketing at MBA. “This new online resource will give Spanish-speaking people who are interested in buying a home the knowledge they need to confidently begin planning the purchase and financing of their new home.”

A study conducted last year by the Tomás Rivera Policy Institute, University of Southern California, indicates that Latinos often lack sufficient information about buying a home. However, the same study also found that while only 10 to 13 percent of Hispanics are actively engaged in buying a house, approximately 44 percent are planning to buy a home within the next five years.

“It appears as if some of the discomfort with the homebuying process is the result of inexperience,”states the Tomás Rivera Policy Institute study report. “Outreach programs can take the fear out of the process and encourage prospective buyers to make that leap of faith and start down the path to homeownership”. The website, Centrohipotecas.com, is designed to do just that. Enabling Spanish-speaking Americans to learn the homebuying process in the privacy of their own home will make them more knowledgeable, more confident consumers.

Developed by MBA’s team of industry and consumer experts, Centrohipotecas.com will provide Latino consumers with information on the mortgage process; statistics on specific neighborhoods; an explanation of credit scores and how to improve them; finding a lender; and laws that protect consumer rights.

For more information at http://www.mortgagebankers.org