Buying a home is one of the most exciting and daunting experiences of one’s life. When you combine the stresses of a home purchase with those of active military duty, I don’t care how tough you are, completing that task may feel downright impossible.
Roughly fifty percent of active-military homebuyers are first-time purchasers1, making the buying process even more challenging. Add to that the likelihood of them being younger and making a long distance move and you can almost guarantee a level of stress that would make even the most even-keeled individual lose their cool.
And that’s not all, as many find themselves at an economic disadvantage as well. Active-military homebuyers have median incomes nearly eight percent lower than their non-military counterparts, yet they’re more likely to purchase larger, multi-generational homes with an average purchase price that’s more than eleven percent higher! And while VA loans make it easier to borrow, they also offer many no down payment programs which, while attractive in the beginning, can mean larger mortgage payments in the long run.
Today, purchasing a home is difficult enough, but for our active military and veterans it can be even harder. That is why we, at New England Title and Escrow Services, created the military and first responder discount program. In an effort to make homeownership more affordable for first responders and military personnel, this program provides a substantial discount on attorney fees for real estate closings. Standard attorney fees for real estate closings can run as high as $800. As a thank you to both volunteer and paid first responders, active military and veterans, New England Title and Escrow Services provides real estate closing services at a flat fee of $250 to qualifying applicants. To find out more about this, and our other programs, please call us at 978-640-0620.
Elizabeth Camara is chief operating officer, New England Title and Escrow Services, Fall River, Mass.