I have been teaching and volunteering within the community over the last 12 months now. Over the last few weeks, however, I have really come to realize how important this has become to my students...both past and present.
As a hombuyer educator, my primary motivator is to provide the basic building blocks to homeownership. It is really insignificant as far as my topic and area of expertise...at least in my humble opinion. The true value of these homebuyer seminars is the Mortgage 101!
Where else is a homebuyer supposed to learn about 80/20, 3/1 ARMS,...what about the whole CREDIT score mystery? Man!! Where is a person supposed to go to get a decent background on these technical terms so that when they meet face to face with a lender they are ACTIVE participants and not as if they were a doe in the headlights?
I have come to hear from many of the recent attendees that they have been able to apply the information that they learned during our seminar and used this information to help prepare them for the next step. Isn't this outstanding? Many took charge and took inventory of their spending habits and identified their budget. Others, played around with calculations to show themselves the difference that making minor spending habit corrections could play in the over all affordablity and purchase ability that they might hope to have.
Bottom line...they feel empowered!
Although many mentioned that they felt discouraged...most of them did feel like they were up to the challenge to improve and take control. In the least, they felt they had a plan. They knew there were resources available to them and were working on connecting with them.
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