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 * Options:
    * Credit Building
      * Get Free Credit Counseling
        Working with a credit coach will help you pay off debt fast and manage
        your personal finances more efficiently. Our free credit advice is
        personalized to your unique situation.
        find out more
      * Credit Score Education
        The details on your credit report, like your credit score, directly
        impact your everyday financial well-being. Your credit score influences
        your ability to secure the best interest rates on loans, helps you
        qualify for housing, rentals or a mortgage, and even plays a role in
        obtaining employment for certain types of positions.
        find out more
      * Review Your Credit Report
        Your credit report can influence your ability to find housing,
        employment and secure a loan. Knowing your score and understanding your
        report are the first steps towards your financial health. Our certified
        financial coaches will guide you through your credit report, answer
        questions, and give personalized guidance towards improving your score.
        find out more
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        Credit.org provides access to tools that allow you to pay off debt and
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        find out more
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        find out more
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        find out more
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        find out more
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        If you are 62 or older, have equity in your home, and are considering a
        Reverse Mortgage loan, it is important to speak with one of our HUD
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        find out more
      * Pre-Purchase and HOEPA Counseling
        Our award-winning coaches are here to help prepare you to own a home. We
        provide education, resources, and guidance to make your home buying
        process efficient, stress-free, and rewarding.
        find out more
      * Online Classes for First-Time Home Buyers
        Don’t start your home buying journey without getting the facts first!
        Whether you’re a first-time home buyer or someone looking to get back
        into home ownership, you will need a well laid plan. Our HUD-approved
        Home Buyer Classes will help you navigate the home buying process and
        equip you with useful tools & resources for purchasing a home.
        find out more
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 * Credit Building
   * Get Free Credit Counseling
     Working with a credit coach will help you pay off debt fast and manage your
     personal finances more efficiently. Our free credit advice is personalized
     to your unique situation.
     find out more
   * Credit Score Education
     The details on your credit report, like your credit score, directly impact
     your everyday financial well-being. Your credit score influences your
     ability to secure the best interest rates on loans, helps you qualify for
     housing, rentals or a mortgage, and even plays a role in obtaining
     employment for certain types of positions.
     find out more
   * Review Your Credit Report
     Your credit report can influence your ability to find housing, employment
     and secure a loan. Knowing your score and understanding your report are the
     first steps towards your financial health. Our certified financial coaches
     will guide you through your credit report, answer questions, and give
     personalized guidance towards improving your score.
     find out more
   * Free Online Budgeting Tools
     Credit.org provides access to tools that allow you to pay off debt and
     access a financial goal planner. Use these FREE tools to break free from
     debt and take the first step toward achieving your financial goals.
     find out more
 * Debt Relief
   * Get Free Debt Counseling
     Debt is common and manageable. Our certified financial coaches are standing
     by ready to answer your questions, provide guidance, and help you reach
     your financial goals. Speaking to one of our certified debt coaches is
     completely free. Our coaches will be able to review all of your options for
     getting out of debt and guide you toward the best path forward.
     find out more
   * Debt Management Programs & Plans
     A financial coach will help you determine whether a Debt Management Plan is
     your best path toward effectively managing debt levels. Once you enroll in
     a plan, we become your personal advocates, working closely with you and
     your creditors to pay off debt in a timely fashion.
     find out more
   * Debt Settlement Solutions & Programs
     Debt settlement is a process that allows you to pay off debt by paying a
     single lump sum that is lower than the total amount you owe. Settlements
     are achieved through negotiation between lenders and consumers or a
     third-party debt settlement company. Our coaches will help you assess if
     debt settlement is the best debt resolution option for you.
     find out more
   * Filing for Bankruptcy
     Credit.org is an Executive Office for United States Trustees ‘EOUST‘
     approved agency. Our experienced financial coaches work with people in all
     stages of their financial life, including the challenging decision of
     bankruptcy. Our coaches can help you obtain the certificate you need to
     file for bankruptcy or discharge debts in bankruptcy.
     find out more
 * Housing Assistance
   * Foreclosure Help & Mortgage Assistance
     Work with our HUD Certified Counselors who will assess your current
     mortgage needs and help guide you to the options that are best suited for
     your specific situation.
     find out more
   * Reverse Mortgage Counseling
     If you are 62 or older, have equity in your home, and are considering a
     Reverse Mortgage loan, it is important to speak with one of our HUD
     Certified Counselors to understand the benefits and risk of this product.
     find out more
   * Pre-Purchase and HOEPA Counseling
     Our award-winning coaches are here to help prepare you to own a home. We
     provide education, resources, and guidance to make your home buying process
     efficient, stress-free, and rewarding.
     find out more
   * Online Classes for First-Time Home Buyers
     Don’t start your home buying journey without getting the facts first!
     Whether you’re a first-time home buyer or someone looking to get back into
     home ownership, you will need a well laid plan. Our HUD-approved Home Buyer
     Classes will help you navigate the home buying process and equip you with
     useful tools & resources for purchasing a home.
     find out more
   * Rental Counseling
     If you are seeking guidance when it comes to renting, call us to speak with
     one of our HUD Certified Counselors who will help you develop a budget,
     determine what your rent affordability is, help you find rental assistance,
     educate you on Fair Housing laws, and teach you how build a tenant-landlord
     relationship.
     find out more

 * Education & Classes
 * Educational Articles
 * Financial Resources
 * Español
 * English


STEPS OF THE HOME BUYING PROCESS FROM START TO FINISH

Melinda Opperman Homeownership



Purchasing a home is a big step for any consumer, but one we strongly recommend.
Homeownership is the single biggest way Americans build wealth and prepare for a
stable retirement. And unlike other investments, you can live in your house, so
it’s not just a way to store and build wealth over time.

The process of buying a house can be long and involved, but thankfully no one
has to go through it alone. Every homebuyer has access to professional help,
from housing counselors to real estate agents, mortgage brokers, inspectors,
etc. Anyone who is planning to buy a home should take advantage of all of the
assistance available to ensure his or her success.


THE HOME BUYING PROCESS

1. Pre-purchase education

Too many people skip this crucial first step. There is first-time homebuyer
education available to help new home buyers understand the entire journey that
lies before them. The earlier one takes this kind of course, the better.

A lot of people get around to taking the class too late and for the wrong
reasons. That’s because there are avenues of assistance open to people who
complete first-time home buyer education, like down payment assistance or
closing cost assistance. To get the assistance, one must show a certificate of
completion indicating they’ve taken the pre-purchase education course. Where too
many people go wrong is taking the class at the last possible minute, just to
get a certificate. Taking the course early will save any homebuyer money and
stress as they understand how to avoid mistakes and navigate the home buying
process efficiently.

2. Check your credit

Before you let a lender check your credit, look at your own reports. You can do
this for free using www.annualcreditreport.com, and doing so before your
mortgage application is essential.

If you see any mistakes, whether they be errors or outdated information, you can
get these items corrected before your lender requests your credit report and
score. You might also see items on your report that are legitimate, but you had
forgotten about it. The more you know in advance, the better off you’ll be when
you fill out your mortgage application.

The goal is to ensure your credit reports are accurate, up to date, and reflect
positively on you. We offer a free Consumer Guide to Good Credit to help
understand the process of reading and updating your credit reports, and there
are credit report review services if you’re struggling to interpret what you
find in your credit reports.

3. Get pre-qualified for a mortgage

This is another area where many homebuyers make a mistake. If you start shopping
for a home too soon, you’re likely to waste time looking at properties you might
not be able to afford. In the worst-case scenario, you fall in love with a
particular property and are eager to make an offer, only to find you can’t be
approved for a mortgage in that amount.

Pre-qualifying means the lender gives a rough idea of whether you’ll be approved
and approximately how much you can afford to borrow. This pre-qualification
isn’t a guarantee that you’ll be approved, and it doesn’t mean you have to
borrow from that particular lender. It’s just a way of getting a lender to tell
you realistically what your price range should be.

Once you have this pre-qualification, then you can start looking for a home
without being in danger of overspending; you can avoid looking at homes that
might be outside of your true price range.

We always caution people not to borrow the maximum amount they qualify for. It’s
wiser to stay well within your means, and only borrow what you can comfortably
afford.

4. Work with a real estate agent

A professional real estate agent will look out for you, making sure you find the
best home for your situation, and that you are protected in the negotiating
process. A good local agent will also know more about the areas you’re shopping
in, so you can avoid areas with poor-performing schools and public services,
crime problems, etc.

You will also need other professional help along the way, like home inspectors,
insurance companies, contractors, etc. A real estate agent will be able to make
informed recommendations that you can trust more than an online review. It’s
VERY rare for a home buyer to navigate the home buying process without a real
estate agent. And the agent is paid out of the proceeds of the sale, so you
don’t have to worry about his/her fees.

5. Shop for a mortgage

At this point, it’s okay to start shopping around for a mortgage. There are
different types of home loans available, so get help if you need it to figure
out what your best option is. Pre-purchase coaching is a good option if you want
to be sure you’re making the best possible decisions.

This is the step in the process where you officially fill out a mortgage
application, so hopefully, you have already reviewed your credit and made any
necessary corrections. The lender will give you a pre-approval for a particular
amount and interest rate, so you’ll be able to hone in on the right property to
buy. In a hot market, it may be necessary to make an offer fast and sellers give
preference to buyers who are pre-approved. Pre-approval tells them that when
it’s time to close, you will have the money.

Also, do some comparison shopping for mortgage products, and compare the costs
from one lender to the other.

6. Shop for a home

This can be a stressful time. In a good market, houses won’t stay available for
long, so you might feel pressure to make offers quickly rather than lose a
property. Try to strike the right balance; don’t move too quickly and pay more
than you have to, and don’t go so slowly that every good property is snatched up
before you make your offer.

If you’re working with competent professionals, they’ll be able to help you
weigh all of the considerations and make a good choice. Bear in mind that
first-time homebuyers will move eventually, so the house you buy now probably
won’t be the one you’ll spend the rest of your life in. If you’re moving into
your 2nd or 3rd home, then you probably have formed some strong ideas about the
kind of place you’d like to live in.

7. Get inspections

After you make a formal offer on a property, your lender and real estate agent
will work with you to hire inspectors. You will want to know if there are any
concerns about the property before you go forward, and your lender will not want
to give you money for the purchase unless they know the property is sound.

Besides the home inspector who checks out the electrical, heating & cooling, and
plumbing systems, you’ll want secondary inspectors to check for insects, radon
gas, mold, etc. The area you’re buying in will determine which specialists are
needed to ensure you don’t have other problems. An older home might need more
inspections that a newer home doesn’t. Don’t skip any recommended inspections!

Ten Important Questions to Ask Your Home Inspector:
https://www.hud.gov/program_offices/housing/sfh/insp/inspfaq

For Your Protection: Get a Home Inspection:
https://www.hudexchange.info/resource/4747/for-your-protection-get-a-home-inspection/

Once you have the inspection report, you might want to amend your offer. If
there are major repairs needed, you could request the seller complete them, or
take some money off of the sale price for you to do the repairs yourself. Don’t
turn this part of the process into a way to negotiate a lower price—the point of
the inspections is to ensure the house is safe and in good repair.

8. Set up home insurance and utility services

Your mortgage lender will require home insurance. If there is a fire or other
disaster, they will want to know that the mortgage will be repaid. You should
also make sure the insurance you get is truly enough to cover any potential
losses you could suffer. Some things, like flood damage, aren’t covered by
traditional homeowners insurance, so you’ll want to get supplemental coverage if
you need it.

For utilities, the goal is to have services switched to your name on the same
day as the loan closing or the next day. If these things don’t coincide, then
the seller will want to shut off utilities altogether, and then you’ll have to
arrange to have them turned back on in your name. This is a slow process that
could leave your home without heating, cooling, running water, etc. The best way
to handle utilities is to time things so that they’re never shut off, but
transition smoothly from one owner to another.

9. The loan and home closing

The final paperwork to close on the home and the mortgage loan will involve more
professionals, like title companies and potential attorneys. You’ll get a
disclosure in advance that tells you what fees will be due at closing.

All of this paperwork and fees are to be disclosed in advance and are a standard
part of every mortgage transaction, but don’t let yourself be blindsided. If you
started with first-time homebuyer education or pre-purchase coaching, then
you’ll be fully prepared for this part of the process.

Don’t spend your last available cash on closing costs and fees. You’ve got one
last big step to follow, and you’ll need some funds available to complete the
process.

10. Move in

Now that you’ve closed the loan, it’s time to move in. Using professional movers
will make things go quicker and come with some protection from damage and the
like but can get expensive. Moving in yourself will save you money, but involve
extra time and stress.

It’s important to do some quick repair work while the house is vacant before you
move all of the furniture in. Do you need to have carpets cleaned? Patch drywall
and paint?

As you settle in, take the last steps to make the house truly yours: re-key the
locks and change the garage door opener codes.

Taking the steps toward homeownership in the right order will ensure you and
your family are fully prepared, and that you have professionals on your side to
make sure everything goes smoothly. We can’t say enough about the benefits of
pre-purchase homeownership counseling.



ABOUT THE AUTHOR

Melinda Opperman is an exceptional educator who lives and breathes the creation
and implementation of innovative ways to motivate and educate community members
and students about financial literacy. Melinda joined credit.org in 2003 and has
over two decades of experience in the industry.

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