The positive impact first time home buyer education has on the purchasing decision can be profound. It can be the difference between ending up in a nice home with a mortgage you can afford, or making a bad decision that results in a house that doesn’t fit your needs, or worse, a payment you can’t handle. Before dipping your toes into the pool of mortgage lending, understand these 5 ways online homebuyer education empowers you to make the best decision.
Knowledge is powerful. A little education up front can pay off exponentially on the back end. Familiarize yourself with standard mortgage lingo and the components of the process. Attaining knowledge minimizes the chance of dealing with a curve ball that could derail your decision.
Options are essential. A mortgage is not a one-size-fits-all product by any means. One confusing aspect of home buying is the vast amount of decisions! Take control of the situation by reading up on the options available to you. A basic understanding of mortgages and payment options enables you to reach the best decision for you (and your family).
Budgets are brilliant. A big mistake some first time home buyers make is to forego determining how much you can afford to spend. Online homebuyer education offers guidelines as well as simulation calculators that lead you through setting price perimeters. This step is illuminating. First time homebuyers are often surprised at both how much and how little they can actually afford on a monthly basis.
Preparation is key. Getting ready for the home buying process starts months or even years in advance. First time home buyer education outlines actions to take to get ready for the financial endeavor, such as saving a down payment, keeping your credit score high, and avoiding excess debt loads.
Finally, keep in mind that while online homebuyer education is key to arming yourself with information to make the right decision, choosing a professional, trusted lender is imperative to reach the best mortgage outcome. As an expert advisor, your lender will be able to answer all your mortgage questions and clarify points that your online homebuyer education did not. Selecting the right lender is one of the most vital decisions in the home buying process.
Are you a first time home buyer who would like more education on the mortgage process? If so, download our informative First Time Home Buyer Education eBook now!