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Should First-Time Buyers in Chicago Consider a Homebuyer Education Class?

Sep 28, 2019 | Industry News

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Buying a home for the first time can be overwhelming if you’re unaware of the process and all it entails. Making the decision to buy that perfect Chicago home can be a bit easier if you know what you’re getting into and are prepared ahead of time. You may want to consider enrolling in a homebuyer education course so you have all the information you need.

 

What information does the class cover?

The homebuyer education class covers an array of topics from home buying readiness, managing your budget, the importance of your credit, how to shop for a mortgage, and what your home inspection and insurance should cover. This class also will cover the functions of a real estate agent, attorney and loan, escrow, and title officers during the home-buying process. There are many moving parts to purchasing a home and an informed buyer should have a clear understanding of each of them.

 

Why is this information important?

Prior to purchasing a home, it’s imperative to know if you’re financially and emotionally ready to take on such a large endeavor. By having a true understanding of your credit score, your budget, and the loan programs that will be available to you, you’ll know upfront what you can afford or what you need to do to prepare. Classes like these can help you be informed on what you need to know before starting the process.

 

What are the benefits?

Aside from learning how the process works, the homebuyer education classes do have additional benefits. Taking the course will also help you to determine if you’re ready to purchase a home and be a homeowner. Owning a home is quite different than renting. There’s no landlord to call for repairs or maintenance, you’re responsible for the taxes, insurance, and any homeowner association fees. The course will help you to understand your credit and its importance when applying for a mortgage. Additionally, you’ll learn about the different mortgage options and the requirements for each.

 

Are there any monetary benefits?

Taking a homebuyer education course may help you qualify for state-sponsored home buying assistance programs. Additional financial perks can include down payment assistance programs, grants, closing costs assistance, below market mortgage rates, as well as mortgage forgiveness. Do your research with the state of Illinois to see what you may qualify for as a graduate of the course.

 

 

Who should take the course?

The homebuyer education course can certainly be useful to anyone who wants to be a homeowner – it really all depends on your existing understanding of the purchasing process.  Those that will get the most benefit from the course are first time homebuyers that may need further education to qualify for a loan or other financial benefits. Keeping that in mind, those who are looking to improve their credit and budgeting skills, as well as current homeowners that would like to further educate themselves, will also benefit.

 

 

Buying your first home can be exciting, and the more you know about the process, the less stressful it will be. The homebuyer education course can be done in one day and leave you with an understanding of what to expect at each stage of the process. Have you taken a homebuyer education course? Was it beneficial?

 
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