Whether you’re buying your first home or even on your second or third, the mortgage and homebuying processes can seem a bit complex and even intimidating. That’s why the pros at Altius Mortgage and our partners at Mortgage Ogden are here – to provide you with simple, quality mortgage and refinancing options for the home of your dreams, as well as expertise to help you move through the process without hassle.
In some cases, those who are looking to buy will want a bit more specific education on the entire mortgage and homebuying world. In these cases, we might recommend programs known as homebuyer education. Also called pre-purchase counseling, these are programs that help prepare you for the various responsibilities and areas you’ll need to know about while obtaining a mortgage and finding the perfect home. Let’s go over the kinds of people these programs are meant for, plus some of the benefits they offer and areas they cover.
In most cases, the majority of attendees to these kinds of courses or programs are those who are buying a home for the first time. These classes are generally available both in individual formats or in group settings, and many of them will be approved by HUD, Fannie Mae or Freddie Mac – in fact, certain loan programs are beginning to emphasize or even require these educational courses be taken as part of the loan itself.
However, know that you can take these classes in any situation. Maybe you’ve bought a home before, but are thinking of entering a very different mortgage situation and want information on it. There are a number of reasons why even experienced homebuyers can benefit from a bit of a refresher.
Our upcoming sections will go over the areas covered by these courses:
Some of the first items covered in homebuyer education programs will be the basics of the mortgage and home search process. You’ll learn about the important stages involved in obtaining a mortgage, from application to underwriting and more. You’ll also get information about closing, including the fees and documents you should prepare to have on hand.
Another important area to be covered here will be the kinds of mortgage loans available to you based on your financial and additional factors. Things like your credit score are important considerations here that you’ll be told more about.
A mortgage is one of the single largest purchases you’ll make in your life, and budgeting for it incorrectly can have significant consequences. These classes will generally go over some simple budgeting methods to keep you in line.
And finally, homebuyer education courses will also go over things like maintaining your home, covering utilities, and generally caring for the house without exceeding your budget and income levels.
For more on homebuyer education classes, or to learn about any of our home loan services, speak to the pros at Altius Mortgage today.