Buying a home is a big decision. It may be the most expensive purchase you’ll ever make. Because the stakes are so high, you should learn as much as you can about the home buying process before you take the proverbial plunge.
One way to do that is by taking a first-time home buyers class.
Many different organizations offer first-time home buyers classes, including banks, credit unions, real estate companies, nonprofit credit counseling agencies and housing counseling agencies.
Whether you’re buying your first home – or your fourth – from finding a home to obtaining financing to closing, buying a home can get complicated.
A first-time home buyer education course can help you prepare for the home buying process. We’ll tell you what you need to know about first-time home buyers classes and how they can help unlock the door to homeownership.
First-time home buyer courses feature content prepared by the Department of Housing and Urban Development (HUD) and touch on just about every element of the home buying process, including getting a mortgage and homeownership. Armed with this knowledge, you can make informed decisions about your purchase.
In short, you can expect to learn quite a bit about the home buying process. You’ll learn how to find a real estate agent and learn about budgeting, getting a mortgage and closing on your home.
You can expect to learn about different aspects of the home buying process, including:
A typical first-time home buyers class can last around 3 – 4 hours. There are also online courses available that you can take at your own pace. Online courses can be a great option if you can’t carve time out of your schedule to attend a one-time class.
Many courses also allow ongoing access to former attendees. This can be a great resource if you have questions after you’ve completed the course or purchased your home.
The cost of a first-time home buyer class can vary. Many are offered for free by nonprofit credit counseling agencies or government-backed housing entities. If the course is offered by a private company, you can expect to spend around $100 – $200.
First-time home buyer courses offer valuable information for every stage of homeownership. It’s best to take a course before your house hunting gets too serious.
That being said, it’s never too late to take a first-time home buyer class. If you’re already deep in the process of buying a home and feel like you could use some extra guidance, go ahead and sign up for a class. It can’t hurt. Given the number of topics that are covered, you may learn something that helps make your home buying experience go a lot smoother.
First-time home buyer courses are not required by all lenders but may be required for some home buying programs offered by Fannie Mae and Freddie Mac. Programs that require class attendance usually offer an incentive such as a reduction in your down payment or other perks.
Here are a few home buying programs that typically require you to enroll in a home buyer class:
Whether a first-time home buyers class is required by a lender or not, a class can be hugely beneficial, helping to make you a more informed – and more confident – home buyer.
Ask your lender (or prospective lender) if taking a first-time home buyer class is required or recommended for the loan you want to take out. Some lenders may point you to a reputable class in your area.
If you’re ready to learn about homeownership, you’ve got plenty of options. There are several ways to find a first-time home buyers class. We’re recommending programs offered by government and nonprofit organizations, which means they are likely free or low cost.
The world has moved online – and so have first-time home buyer classes. You can enjoy the course from the comfort of your home and on your own schedule. No need to arrange a babysitter or fill up your gas tank. You’ll find online courses from government agencies, nonprofit organizations and private companies.
Fannie Mae offers HomeView™. It’s free and is one of the most recognized HUD-approved courses.
Because the internet hasn’t (totally) taken over yet, you always have the option to attend a class in person. You can find in-person classes here:
You’re preparing to make what could be one of the most significant purchases of your life. Shouldn’t you be as prepared as possible? Taking a first-time home buyers class may not be required – but it can certainly help you navigate the long and often challenging road to homeownership.
You’ll better understand the process, and you’ll know what to expect as a first-time home buyer. If you could use some financial assistance, lenders may offer attractive incentives to take a class, such as discounted mortgage rates or eligibility for certain loan types.
Get started on your homeownership journey today by finding a first-time home buyers class that’s right for you.
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