Understanding Rates/Qualifying/Finding a Home/Mortgage programs.....
Real Estate coaching/seminars/counseling, whatever name you want to use, should be the first step when buying a home. It truly is that important. Some buyers go through the entire home buying process without attending a class or consulting with anyone that can give them the broad spectrum overview of home buying and feel they turned out just fine. But how do you know?
First time home buyer "classes" can vary in length from a few hours to 8 hours. Some are online and some are in person, some are a mix of online and in person. Some mortgage programs require you have a certification from a class, others do not. So in this complex mix of classes and requirements, let me guide you through the process and help you put together a plan.
Why Me as your Real Estate Coach? I have certifications through Money Management International and Consumer Credit Counseling Services to handle credit counseling and budgeting. I have taught over 200 First Time Home Buyer Classes in the last 15 years through local Non Profits (such as NWSOMA.org and QCAP.org and South Shore Housing). I spent 10 years in the mortgage industry and understand Mortgage programs, guidelines, DAP, TRID, and speak ALL Regs as a second language. I sit on the Board of Directors of 2 Non Profits whose mission is to educate First Time Home Buyers and have previously worked with Mass Bankers traveling throughout the Commonwealth educating Bankers on programs and DAPS available. I am also a Homes For Heroes Affiliate Agent. Almost all of my clients have successfully made it through the home buying process and now they are happy and educated home owners. Read my client stories HERE. The industry has changed in the last few years and therefore you have a few ways to gain all of this knowledge: One on One Coaching and Group Seminars.
One On One Private Coaching (usually by referral only)Together we go over: Credit, Budget, Qualifying for a Mortgage, Mortgage Programs, Available Down Payment Assistance, Real Estate/Buying a Home, Home Inspection, Insurance,The Role of Attorneys. Class time Approx 3 hours.
This concise "class" is quick and very informative. I take you through everything, one on one, that I cover in my 8 hours classes, but it takes less time because it is just you and me. Location of coaching sessions are typically in my office or in your home (referral only) at a time and date that works for you. If after our time together you end up needing a certificate for the type of mortgage program you qualify for, I can connect you with a number of non profits that offer online counseling. So you can complete your certificate in your own time.
DID YOU KNOW? Most buyers who are not "required" by their lender or mortgage program are never offered the information or opportunity to attend a class or seminar. In some cases a lender doesn't mention your mortgage requires education until after you have been pre-approved, found a home, had a home inspection, and signed your Purchase and Sales Agreement. By that point you have completed a majority of the steps in takes to buy a home WITHOUT education. Many lenders don't tell you about all of the programs available to you, only the ones they offer....Please try to avoid this!
The Consumer Financial Protection Bureau (CFPB) has been working with Counseling Agency, Banks, and Lenders to get the word out about recent changes that have been created to help inform and protect consumers when buying a home. Know Before You Owe is an important step in the home buying process. If you receive your education after the "horse is out of the barn" so to speak, someone has done you a disservice. Contact me, Red Hilton, about fees for coaching and ask about having your fee waived or reduced for One on One counseling and online courses. The education is what is important!
Group classes cover all of the above in a location in your community with others that have the same goal; Understanding the home buying process. Group classes run approximately 4-8 hours face to face. Online follow up to complete certificate requirements for participants whose mortgages require a HUD or CHAPA approved certificate as needed. For more information on upcoming group classes, contact me, Red Hilton.
A few things to keep in mind. I only provide coaching to people who are at the beginning of their process. I am a starting point and will guide you through the entire process. Our 3-4 hour face to face sessions will give you all the information you need to successfully buy a home. These shorter classes alone will not get you a certificate as required by some mortgage programs. That is why I work with local non profits for HUD and CHAPA qualifying certificates. Is it possible to take only the online course and receive a certificate? Absolutely, but keep this in mind, most online courses are designed to be applicable in all 50 states. They will NOT cover: Massachusetts specific mortgages, Massachusetts down payment assistance programs you could qualify for, Homes for Heroes programs, mortgage qualifying based on your budget, FHLB funds (up to 15k available if you qualify), and many other things you could have questions about. Will you get a certificate? YES, but will you get the right education? Maybe not.
Take the time to invest in yourself and learn about the process of home buying!
To register for a One on One session CLICK HERE.
For more information or to contact me, Red Hilton, CLICK HERE.
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