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Jul. 12, 2019 in

Why First Time Home Buyer Education is Essential

Knowledge is power, and this couldn’t be more true than when it comes to buying your first home. While the dream of owning a home is an exciting, there are a lot of moving pieces that go into the process. There are many questions to ask, papers to sign, considerations to be taken and decisions to make for a first time home buyer. And while this may seem daunting, there are many valuable sources of information about the home buying process that can help you educate yourself and prepare for the mortgage and home buying process.

Trustworthy Online Materials

As with most decisions these days, the first place you think to turn for information is probably going to be the internet. Before you start looking at homes, you should start doing your homework about the homebuying process, the real estate market and the many things that being a homeowner entails.

Although the internet is a great source of information, you’ll want to be sure you’re reading first time home buyer tips and information from trusted, well-established sources. Searching for verified first time home buyer guides, tips and information can help get you started in learning about the process and what questions you should be asking. Trustworthy online materials are a great source of information to get started, however you may still want or need more information.

First Time Home Buyer Courses

There are many counseling agencies that specialize in offering independent advice for first time home buyers, on everything from the financial considerations and mortgage to the real estate market and legal implications of buying a home. First time home buyer courses are a valuable resource for buyers and are often provided at little to no cost from non-profit agencies, government agencies and community centers of influence. The U.S. Department of Housing and Urban Development maintains a list of approved counseling agencies which can be located on their website.

First Time Home Buyer Guide Books

While the idea of reading an entire book on home buying may not be appealing to some, this may be one of the biggest purchases of your life and having more information will never be a negative. There are many books out there for first time buyers covering topics such as tips for searching for the right home and different strategies for those looking to buy single or multifamily homes. Every individual buyer has a unique situation, so it is important to educate yourself so that you can figure out the best plan for you. Your local library will likely have a wide selection of books on real estate and home buying, or you can shop online and compare reviews.

Working with an Experienced Mortgage Lender

While some first time buyers may not immediately think of their mortgage lender as a source of information on the buying process, the truth is that the years of experience the lender brings of working with various parties throughout the transaction can be a valuable asset to the buyer. Your lender should be a member of your team, dedicated towards getting you the right mortgage for your situation and into the right home. Don’t overlook this ally in your journey, as an experienced mortgage lender can often answer many of your questions and ensure you have the right financing to enter the market.

Mechanics Cooperative Bank has been helping members of our community locate and finance their dream home for years. Our dedicated Mortgage Specialists are available to answer all your questions and walk you through the home buying process every step of the way. If owning your own home is in your plans for the near future, be sure to visit us to speak with a Lending Specialist today!

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