Savings for college grads who become first-time homeowners

REGION—Looking for a new home becomes a top priority for any soon-to-be-graduating student. While living with either their parents, guardians, relatives or other friends are viable short-term options, they can also create more problems as well. There are concerns regarding personal space and adhering to any house rules associated with someone else’s home.

So, what should a soon-to-be college grad do in this type of situation? The answer lies in students purchasing their own home.

A lack of financial resources often plagues both impending and recently-graduated students. Much of what they might have earned during that time often goes toward tuition, food, books and other living expenses. They likely did not much to save for their future.

With the help of a recently-unveiled program called The Ocean State Grad Grant, first-time homeowners who have either graduated within the last 36 months or plan receive their diplomas this spring may earn up to $7,000 to purchase and stay in their residence for at least five years.

Joseph Baptista, president of Anchor Financial Mortgage in Pawtucket, RI, says there are significant benefits of owning a home as opposed to renting an apartment.

“Owning a home means you can build equity and your credit,” said Baptista, who has owned Anchor Financial since 2000. “It also provides the new homeowner with a feeling of independence and privacy that they would not enjoy moving back in with their parents or sharing the financial responsibilities with friends."

Baptista lives in Smithfield and has been married to wife, Kimberly, for 14 years and has 3 children Kayla, Sarah and Marissa. He is a member of Business Networking International (BNI) Founders Chapter, The Better Business Bureau and the Rhode Island Mortgage Bankers Association.

Anchor Financial Mortgage, Inc. serves all of New England, New York and Florida. Their mission is providing qualified individuals with the best possible mortgage financing programs available with customer service that is second to none. They have more than 15 years of A+ ratings with the Better Business Bureau with no consumer complaints.

For more details pertaining to the Ocean State Grad Grant or other incentive programs that are available, please contact Joseph Baptista at: 401-722-9032, e-mail at Joe@AnchorFinancial.com, or visit them on their website at: http://www.anchorfinancial.com.