After months of searching, John and Jane Smith found their dream house, quickly made an offer and signed a contract. Then, after spending considerable cash on inspections and buying an option period, the Smiths realized that for their dream to become a reality, they needed a loan. Unfortunately, their potential lenders told them the monthly payments would be beyond their income. The lenders all repeated the same thing:
“We’ll approve you for a loan but not one big enough to buy the house you have under contract.”
The Smiths’ hearts sank. They spent $550 on an option period and inspections — for nothing. Although John and Jane are fictional, the scenario is familiar to countless people every day. Fortunately, those mistakes can be avoided.
Don’t waste time, money
If the Smiths had taken a comprehensive Homebuyer Education Course like the one offered by the City of College Station, they wouldn’t have wasted their time or money looking at unaffordable houses. They would have been pre-qualified by a lender, who would’ve helped them determine how much they could afford.
The complicated process of buying a home is filled with opportunities to waste hard-earned cash or precious time due to nothing more than a lack of understanding. In fact, it’s probably the most complex purchase most people will ever make. To put it in baseball terms, buying a house is the World Series of purchases, and getting educated about the process before embarking on the journey can save you time, money — and heartache.
Are you ready to buy a home?
If you are thinking about becoming a homeowner, the Homebuyer Education Course will equip you with the knowledge you need to make wise and informed decisions. The NeighborWorks America-approved curriculum includes five topics:
- Are you ready to buy a home?
- Managing your money
- Obtaining a mortgage loan
- Shopping for a home
- Protecting your investment
Classes are scheduled from 6-7:30 p.m. every Tuesday night in June (June, 5, 12, 19, 26) in Room 105 at the College Station Conference Center. A course book is available for $15, but it isn’t required. To register, call 979.764.3778 or visit www.cstx.gov/homebuyer.
UPDATE: The dates for the Homebuyer Educatiion Course have been changed to July 10, 17, 24, and 31. The times and location remain the same.
Community Development Analyst
