There is nothing wrong with renting, but now you are ready to move on. You love your apartment, but what you would really love is owning the roof over your head.
If you are ready to say goodbye to renting and hello to home ownership you may want to call a local agent, but why not invest in education first? There are plenty of great reasons to enroll in a first time home buyer class, and here are nine to get you started.
1. You may qualify for down payment assistance. There is assistance aimed at first time home buyers, but that help may come with strings attached. Many down payment assistance programs require the completion of a class, and enrolling could net you some serious cash.
2. It could help you find an agent. Finding the right real estate agent can be tough in the best of times, but for first time buyers it is even harder. As a first time buyer you may not know what to look for, but the leader of the class can help you find the right fit.
3. Budgeting help could be critical. Even if you have a budget in place you may need help fine tuning it for future mortgage payments. The leader of the first time home buyer class can help you with a realistic spending plan.
4. You could get help building up your credit. The higher your credit score the lower your interest rate, and building that score could save you some serious cash. By taking a first time home buyer course you can gain insight into how to boost your score quickly – before you apply for a mortgage.
5. Mortgages do not come with a dictionary. Speaking of mortgages, there are a lot of unfamiliar terms you will need to know. From points to closing costs to effective interest rates, knowing those terms is important – all stuff that will be covered in the class.
6. You might meet some future neighbors. When you enroll in a class for first time home buyers you will meet lots of people in the same boat as you. If all goes well some of those folks just might be your future neighbors.
7. It will give you insight into the home buying process. Navigating the home buying process can be complicated, and it helps to have a guide. The person teaching the class can be that guide, walking you through the process and giving you insight into what you can expect.
8. You will better understand the true cost of home ownership. Many first time home buyers are blindsided by costs they did not anticipate. From repairs and maintenance to insurance, those costs can really add up. You will learn about all those expenses in the class, making it easier to build them into your future budget.
9. You may discover some helpful programs. The people who put these courses together are experts in their field, and they have access to programs that could prove useful to you as a first time buyer.
There are a lot of things to think about when you are ready to move on from renting. From how mortgages work and how much they will cost to programs that can help with the down payment, all of these considerations are important. If you want to be ready, do yourself a favor and enroll in a class for first time home buyers.
