When you are in the market for a house, you may have several things on your mind like where to look, commuting times, school districts, and even financing. But one of the last things on people’s minds is how to get a lower price for their home. In recent years, the U.S. government has made it easier for homebuyers to get guaranteed lower financing by instituting the Federal House Administration (FHA) First Time Homebuyers Program. But one of the requirements for this program is a homebuyers education class. While it may seem like a hefty cost to pay, ranging from $50 to $100, and a waste of an entire day, there are some helpful things you could learn about buying a home. Let’s take a look at seven things you can learn from a homebuyer education class.
How Credit Scores Work
Have you ever wondered why your credit score goes up or down every year or even every month? Well, there is a reason and it isn’t because you are reading the numbers wrong. During a homebuyer’s class, you will learn how to determine what loan terms are being offered to you and why or if you’ll qualify for a loan at all. During this class, you will learn how your credit score is compiled and how to get errors off your reports.
Why You Need a Home Inspection
Home inspections may seem like a big waste of time, but they could save you some costly repairs in the long run. Even if your lender does not require an inspection, it may be a good idea to think about getting one anyway.
How to Work with a Real Estate Agent
In most cases, the buyer is working with a real estate agent for no costs, since the commission is usually paid by the seller, not the buyer. But your agent is representing you, so it is important to help them find you the best house possible by giving them some information before starting the process.
How to Lower Bills
While you may only be concerned about paying the mortgage on a home now, that is not the only bill you will need to think about. When you own a home, you will also have to pay for water, heating, cooling, and other utilities or maintenance. Knowing how to conserve will help you keep these costs lower.
What Costs You’ll Incur
Money for the down payment is not the only cash you will need to buy a home. During the class, you will also learn about the other closing costs you will have to pay before moving into your new home. During the class, you can also learn about down payment assistance and other programs that are designed to help people without a lot of money move into their dream home.
How to Shop for a Mortgage
It is important to read all of the fine print in a mortgage packet. In order to get the right information, you will need to do some shopping around and provide each lender with your income, expenses, the source of down payment, and other financial data. Not all lenders offer the same thing, so be sure to shop around.
A homebuyer education class can help you get all the information you need to buy a home. For more information or to start your process, call Simply Referable today!
Get Your Dream Home with a Homebuyer Education Class and Simply Referable
Together, with your Simply Referable team, you’ll cut the right deal for the right price with qualified guidance every step of the way. Every team member is committed to selling your home and forming a lasting bond with your family. Thanks to our roots in the Maryland/DC region, we can help you find your dream home. Contact us online and give us a call at 410-983-9045. To see some of the stunning homes we work with, follow Simply Referable on Facebook, Twitter, Google+, Pinterest, YouTube, and LinkedIn.