Monday, July 15, 2024

Empowering Maine’s First-Time Homebuyers: Norway Savings Bank’s Support for the hoMEworks Education Initiative


Norway Savings Bank Recognized for Its Support of Homebuyer Education in Maine

In a world where the path to homeownership can often seem fraught with obstacles and uncertainties, especially for those embarking on this journey for the first time, the necessity of reliable, comprehensive education on the subject cannot be overstated. This is where hoMEworks, a dedicated educational initiative launched in 1998, steps into the limelight, with the mission to demystify and streamline the home buying process for Maine residents.

hoMEworks prides itself on being a cornerstone resource for first-time homebuyers, providing a robust educational program that covers all facets of the home buying journey. The initiative was conceptualized with the goal of empowering participants through knowledge, offering them an in-depth understanding of the entire process, facilitated by seasoned professionals from Maine’s real estate industry. Jessica Gurney, outreach and education coordinator for MaineHousing and a member of the hoMEworks Board of Directors, elaborates on the program’s aim to provide a comprehensive, sales-free learning environment for prospective homeowners.

During an intensive eight-hour class, participants delve into crucial topics such as credit management, financial planning, understanding the myriad costs associated with purchasing and owning a home, and navigating the market to find their ideal home. The curriculum also includes guidance on selecting the right real estate agent and lender, exploring mortgage options, and special programs tailored for first-time buyers. Post-purchase financial management also forms a part of the curriculum, ensuring that new homeowners are well-equipped to make informed decisions that align with their financial capabilities.

Norway Savings Bank (NSB), with its commendable history of 158 years in assisting Maine residents through the home buying and mortgage process, has stepped forward as a Gold Sponsor of hoMEworks, contributing $2,500 to the program. This generous support was celebrated in a special presentation at the NSB Congress Street branch, highlighting NSB’s commitment to empowering home buyers and acknowledging the significant role that education plays in fostering confident and informed decisions in the realm of homeownership.

According to Darci Hamm, executive vice president and chief operating officer of NSB and a member of the hoMEworks Board of Directors, the educational program instills a sense of confidence in buyers, equipping them with the necessary tools to make choices that are both financially sound and conducive to their long-term needs. The classes, she adds, are accessible to anyone keen on gaining insights into the home buying process.

Completion of the class not only arms participants with invaluable knowledge but also awards them a certificate that meets the education requirement for a variety of mortgage programs, further facilitating their journey towards homeownership.

The mutual ethos of Norway Savings Bank, centered on serving and adding value to the communities it operates within, resonates with the mission of hoMEworks. Dan Walsh, president and CEO of Norway Savings, expresses pride in the bank’s role in supporting an initiative that has significantly contributed to the financial literacy and preparedness of prospective home buyers across Maine for over 25 years. Through its sponsorship, Norway Savings Bank reaffirms its commitment to ensuring that hoMEworks continues to be a bastion of hope and assistance for those navigating the complexities of homeownership.

By fostering an environment of learning and empowerment, hoMEworks, with the backing of institutions like Norway Savings Bank, plays a pivotal role in ensuring that the dream of homeownership becomes a reality for more Maine residents, equipped with the knowledge and confidence to make it a worthwhile and enriching journey.

Natalie Kimura
Natalie Kimura
Natalie Kimura is a business correspondent known for her in-depth interviews and feature articles. With a background in International Business and a passion for global economic affairs, Natalie has traveled extensively, providing her with a unique perspective on international trade and global market dynamics. She started her career in Tokyo, contributing to various financial journals, and later moved to London to expand her expertise in European markets. Natalie's expertise lies in international trade agreements, foreign investment patterns, and economic policy analysis.

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