Buying and moving into a new home is one of life’s great experiences, especially if you’re buying your first home. From getting that pre-approval to the “yes!” response on an offer to closing and moving in, every step is exciting. And while the process is engaging and fun, it’s important to prepare for moving day […]
Why should you take a homebuyer education course?
Are you thinking of buying your first home? If so, taking a homebuyer education course is an invaluable step to prepare you for making your purchase. Not only will an instructional class tell you what to expect from the buying process, it can also show you exactly how your new role as a homeowner changes things up financially.
Homebuyer education courses are mandatory for some loan programs
If you are applying for an FHA loan,seeking down payment assistance or applying for a grant program, you may be required to take a homeowner education course. Homebuyer education courses seek to educate buyers about not only buying a home, but owning one. Topics include:
- How to decide if you’re ready to buy a home
- How to budget
- How to find a lender
- Basic terms and definitions.
- How to recognize fraud
- What to expect during closing
Other useful tips from the course may include the minimum credit scores needed to qualify for certain loan programs. Furthermore, it can show you how to improve your credit score so you may qualify for a better loan program or interest rate.
Accessing homebuyer education courses
If you are required to take a homebuyer education course, your lender can share some recommended services. You may have to pay a small fee but some options are free or offer a rebate if you do close on your home. It is important to make sure that the course does meet the standards for the loan program you are qualifying for though. Your lender should be able to help if you have questions.
Once you complete a homebuyer’s education course, you’ll receive a certificate of completion, and be one step closer to homeownership.
Have questions about taking a homebuyer education course? The experts at Guild Mortgage are here to answer your most common lending questions so you can feel confident in your decisions.