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First Time Home Buyers Class – Here’s Why This Will Save You Thousands

First Time Home Buyers Class – Purchasing your first-ever home is a huge milestone. It comes with mixed emotions, including being excited and intimidated at the same time. Though this comes with a complicated and confusing process, it will soon turn out to be rewarding.

If you want to handle your house purchase with ease and comfort, there are available first-time homebuyer classes that you can enroll in. These classes specialize in different aspects of buying a home and they will inform you about everything you needed to know.

You don’t have to worry about anxiety and panic because you will be guided accordingly. The class will teach you how to be prepared for this significant task in your life. If you ever want to purchase a house and you don’t know where to start, a first-time homebuyer class will be beneficial to you.

There are home loans that require you to attend the class. Typically, one course is composed of 1-2 sessions, which means it won’t take long. The class discusses straightforward yet crucial steps in buying your own home. The lecturer will also highlight the things that you can expect from the entire buying process. Most homebuyer classes are offered for free, but others are available at a low price. If you want to have housing assistance when you purchase your home, we suggest that you take the class and get a certificate from an agency that is HUD-certified.

Most homebuyers are afraid of buying their own home because they feel that the process is too long and complicated. One technique to gradually erase these jitters about the home buying procedure is to get precise and consistent information about the whole process. Asking for reliable guidance is also advantageous. The main goal of first-time homebuyer class is to guide potential buyers towards the whole journey and answer all of their questions.

Moreover, these classes are not only for first-time homebuyers, borrowers who applied for special housing programs are also required to complete one homebuyer education course. The completion of the course will entitle the borrower to down payment assistance, a decrease in the price of mortgage insurance, closing costs, and other advantages.

By the end of the course, the student needs to secure a copy of their Certificate of Completion as proof that they finished it. They can simply print out the certificate and submit it to their respected housing program.

Perfect Time To Enroll For A First Time Home Buyers Class

A first time homebuyer class will benefit people from all walks of life, even those that already bought a home before. Ideally, you need to attend the class before you purchase your home. The moment that you’ve thought about buying your own home, that is the perfect time to enroll in a class. This is because the lessons that you will learn from the course will greatly affect your decisions when shopping for a new house.

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How Much Does A First Time Home Buyers Class Cost?

You can take the course for free but you have to wait for five business days. After that, the registration will be opened and you can go back to the site and log in to attend the class. Always remember that the site won’t send you any confirmation email so you have to check it yourself if your registration is activated. If you don’t have enough time and you’d rather take the course right away, you can register and start the class anytime you want.

This flexible schedule will require you to pay $12.99 upon registration. It’s just a small amount and you can pay it through PayPal. After paying, you can instantly log in to the website and take the course. This easy and simple procedure is advantageous to most homebuyers who wanted to prepare for their huge house purchase. Many choose to pay the cheap registration fee and take the course right away to prevent dragging their closing date, which usually comes with expensive late penalty fees.

You don’t have to spend a lot of money to educate yourself with the dos and don’ts of purchasing a house. You can avail this educational requirement in just a cheap price. It’s up to you which method of taking the course you will choose, you can wait for five days and go for the free course or pay a low price and take it whenever you want. But whatever option you go for, the class offers the same lessons and it’s still beneficial either way.

What Are The Key Benefits Of A First Time Home Buyers Class?

You might be wondering what topics will be covered in a first-time homebuyer course. Well, the highlights of the course revolve around all kinds of information that you need when buying your first home. From advantages to benefits, and expectations to perks, that will all be tackled in the class. To find out more about this, below are the eight things that you will learn from the course:

1. The function of your credit score

Your credit score says a lot about your financial capacity as a person. It will identify the types of loan terms that you can keep up or if you are qualified to apply for a home loan. In case you and your partner are applying for one, the one with the lower credit score will be utilized. If there are flaws in your credit report, you can improve those and increase your credit score. However, this process takes time and you have to wait for a few months or even years for the errors to subside. Another process of improving your credit score is by paying all of your debts. Better yet, take care of your finances today to avoid errors in your credit score so you’ll be qualified for a home loan without any trouble in the future.

2. The importance of doing a home inspection

The majority of lenders don’t do a home inspection, but if you will purchase it, it is vital to have a home inspection since that will help you determine if the home needs any expensive repairs. Once you are done with the home inspection, you can tell the seller about the defects of the house and they will offer you a price at closing to fix it or reduce the cost, though the seller usually resists doing any of these actions.

3. What it’s like to work with a real estate agent

Asking help from a real estate agent doesn’t cost anything since the payment usually comes from the seller. However, you still need to inform the agent about the key features that you are looking for in a house so the buyer will have an idea on what house to refer to you.

4. The right ways of saving electricity and water

The cost of your home is just the initial expense of living on your own. You also have to think about how to pay your heating, water, cooling, trash collection, and other utility bills. If you are smart in using your utilities and you make it a point to conserve, you won’t suffer from paying high utility expenses.

5. The additional cost of the house

Buying a house comes with different kinds of payment. The most familiar is the down payment and the closing fee. Apart from that, you also need to pay for appraisal rates, title insurance, homeowner insurance, and real estate taxes. Knowing these fees will give you a heads up on the amount that you need to prepare when buying the house you always wanted.

6. How to look for an ideal mortgage

Applying for the loan and getting it is the most difficult part of the whole process. This is where you have to gather important documentation and requirements that you will submit to your lender. Apart from that, you need to submit proof of your income, source of down payment, your expenses, and other financial statements. Lenders have different loan programs, that’s why it is crucial to shop and compare before you commit right away.

7. How to gain title to the property with another person

The features of shared ownership are different from every state. The way you present the title will affect how you will get the ownership. For example, you will gain half of the ownership to your home when your partner dies or the title will be transferred to his family members.

8. Where to look for down payment assistance

There are a lot of cities that give programs such as loans for down payments or grants to assist first-time homebuyers. These programs have simple requirements and one is attending a first-time homebuyer class. Once you complete the course, you can show your certificate and that will secure the financial assistance you need to address your down payment.

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