Coastway Bank Hosts Home Buyers Information Session

Karen Xavier-Dacunha, along with real estate agent Michelle Cartwright and Ted Bourque of Pilgrim Title, spoke before a group of eight prospective home buyers Saturday afternoon at the East Providence Branch of Coastway Community Bank.

The two-hour information session informed the group of local residents about the various stages of buying a home: lending, browsing for home and closing procedures.While the crowd was small, the talk of credit scores and lending, negotiating and settlement statements held the group's complete attention.

"Buying a home is not as streamlined as it used to be," said Xavier-DaCunha, a mortgage loan officer with Coastway Bank. "There's much more steps to consider now, as credit score requirements have increased to 640 over 620, and it's not going down. There's also a bit more paper work and verification steps that need to take place on the lending end, but it's not something to be afraid of, it's why I'm here."

Xavier-DaCunha said her job is to make sure people can land in the home that is right for them.

"We really are on your side during this process, please remember that," she said.

The sentiment of looking out for the buyer was echoed by Michelle Cartwright of RE/MAX River's Edge.

"A lot of people think that they're going to save money buying a home without an agent, but it rarely works out that way," said Cartwright. "There are so many layers to negotiating this market, it is essential to have a highly-trained professional on your side. Don't go it alone!"

According to Cartwright, who has participated in previous informational sessions and workshops with Coastway in the past, one out of every four homes sold in Rhode Island goes through a RE/MAX office.

At the end of the session, attendees asked questions ranging from specifics about short sales to itemization of a closing statement. A raffle was held at the end of the session with a $100 gift card to Lowe's Home Improvement Store, a $50 gift card to 1149 Restaurant in Seekonk and a $50 gift card to Home Goods along with a box of chocolates.

Carolyn DeSpirito, Riverside resident and winner of the $50 gift certificate to 1149, felt her Saturday afternoon spent at Coastway Bank was well worth it.

"I learned a lot about how credit scores are calculated and how it's tied to buying a house," DeSpirito said. "When Karen told me about how your score can change in as little as 30 days, I was shocked. I'm glad really glad I came."

DeSpirito is currently renting in Riverside and is taking steps to become a home owner.

"The prices are low in this market," DeSpirito said. "If I'm going to do it, now's the time."

Despirito plans to buy in East Providence, and according to Xavier-DaCunha, she's making a smart move.

"In terms of home buying, East Providence is a very unique place," Xavier-DaCunha said. "Relatively speaking, the taxes and home prices are low, there's this feeling of community here. People buy here and usually end up staying because of the great elementary schools and neighborhood feeling. It's a place to build roots."