Since financial literacy is seldom formally taught in school, a first-time homebuyers course can be a good place to gain knowledge about personal finance topics relevant to homebuying like building credit and budgeting.
Housing assistance programs for first-time homebuyers often require that participants take a course in order to become eligible. But, even if you’re not taking advantage of a program that requires it, signing up for a class is worth considering.
A homebuying course can help you figure out if it’s the right time for you to buy and what your budget is when shopping for a home. You have a few options for course format.
If you want someone to take a detailed look at your finances to make recommendations based on your circumstances, you may be able to work with a counselor one-on-one. Group and online classes are usually available as well for general instruction.
Let’s face it, doing anything for the first time can be scary. Buying a home is no different especially since a lot rides on you making the right choice. Being empowered and knowing what to expect through each stage of the process can make it less stressful.
A homebuying education course will teach you the ins and outs of how to shop for a home and then how to qualify. In addition, courses explore the steps of home financing to give you a solid understanding of what happens from prequalification all the way up to closing.
Besides each facet of the home purchase transaction, first-time homebuyer courses teach you the basics of budgeting including how to create a savings and spending plan. For instance, the VHDA online homeownership education class has entire sections devoted to managing money and debt.
This unit of the VHDA program includes budget terminology and a spending spreadsheet. The spreadsheet template gives you space to map out your current household budget and then what your budget will look like in the future when you own a house.
Learning these money management skills are invaluable. After all, buying a home is just the first step of the journey. Managing your money and mortgage payments once you’re a homeowner will ensure you have the financial means to keep it in the future.
You have nothing to lose if you decide to take a first-time homebuyers course. The VHDA class, in particular, is free and other similar homebuyer courses are reasonably priced.
Courses only require a few hours of your time over a few days. For a small monetary and time commitment, you can learn a great deal of information that can prepare you for homebuying.
Interested in learning more about your mortgage options or prequalifying for a new home?