Why Take Homebuyer Education?

Photo credit: StockVault

Photo credit: StockVault

The idea of having a home is exciting, and your first reaction may be to jump right in by contacting a Realtor or lender. Buying a home can’t be that hard—right?

The reality is purchasing a home is very complex, and no one can protect you and make the right financial decisions for your unique situation but you. This is why New Hampshire Housing always recommends potential buyers take a homeownership education class before starting the process. Here are a few of the perks of stepping into the classroom:

Are you ready (and we mean really ready)? With low interest rates, there is a lot of talk about how, in some cases, a mortgage payment can be the same or even less than a rent payment. What can be overlooked is that homeownership comes with extra costs like property taxes, repair bills, and private mortgage insurance. Taking a homeownership class helps you honestly assess your budget. Even if you find you are not ready to handle the costs of a house yet, a class can help you plan how to reach your homeownership goal in the future.

Become fluent in “house.” Front-end ratios, deeds, liens, P&S—are you lost yet? Many people are new to the lingo of homebuying. Taking a class will help you start to understand this new vocabulary.

Invest time now to save time later. Knowing about the homebuying process means you can ask better questions, understand your responsibilities, and know what you are really looking for in a house. This knowledge and sense of direction may help save confusion, money, and time later in the process. Also, some mortgage programs require homebuyer education, and taking a class early means one fewer thing on your to-do list!

It’s easy! With free and low-cost options around the state and online, homebuyer education is easy to access. In person classes are usually offered as a one-time session on the weekends or spread out over a couple of evenings. If you can’t dedicate that many hours at once or live far from a homeownership center, Education.GoNewHampshireHousing.com lets you learn at your own pace at home.

For an up-to-date list of free and lost-cost home buyer classes, visit http://gonewhampshirehousing.com/learn-how/home-buyer-events.

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