“I didn’t realize all that was involved with the home buying process, but that has changed by taking this class.”
“More helpful than other homebuyer classes I’ve taken.”
“The best $15 I ever spent.”
We love getting this feedback on the evaluations of our Homebuyer Education Courses. It means we’re succeeding in making sure people enter into homeownership with all the knowledge they need to be successful and to sustain their investment for the long-term. (And yes, our classes are just $15.)
A recent study by NeighborWorks (of which Avesta Housing is a chartered member) found that buyers who go through a pre-purchase counseling program are one-third less likely to fall behind on their mortgage in the first two years of homeownership.
Bri and her fiancé, Chris, recently took the class and used what they learned to buy their first home in Gorham. Here’s what Bri had to say about her experience.
How did you hear about the Homebuyer Education Class?
We got a housing loan through USDA Rural Development and it was a requirement to take this class to get our home mortgage loan. We’re glad it was. 🙂
What did you learn at…
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Interest rates are at a record low, but many borrowers are still reluctant to shop for the best mortgage loan – a decision that could cost them money.
Looking at data from the November 2012 National Housing Survey, Fannie Mae researchers found that close to half of lower-income mortgage borrowers said they did not obtain more than one quote when signing up for their current mortgage.
Comparatively, three out of four higher-income respondents explored competitive offers and said better deals would definitely have an influence on their decisions.
“Although a home purchase is the largest financial obligation most people will ever make, many borrowers do not fully understand their mortgage products and costs,” said Fannie Mae chief economist Doug Duncan. “As a result, some homeowners in this position may find themselves with unsustainable payments down the road.”
Fannie Mae reported that failing to shop around for a mortgage can end up costing borrowers $1,000 or more in closing costs.
As a housing counselor, it’s my job to educate people on the importance of comparative shopping. I encourage clients to attend first-time homebuyers’ workshops as well as one-on-one pre-purchase and…
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