Step 2: Get Advice + Make a Plan
Ever see, or hear, a commercial about buying a home? They always sound like a breeze - come in, get qualified and walk into the home of your dreams. Well all of that sounds good, but once you get into the details about escrow accounts, interest rates, and closing costs, it can get confusing.
The good news? There is help.
The National Urban League affiliate moving offers housing counseling in cities across the country that are dedicated to helping you navigate the home buying process. They can help you assess your finances, create a plan to save money, build credit, and help you find the best mortgage for your situation.
GUIDANCE YOU CAN TRUST
Each Urban League affiliate is a HUD-approved housing counseling agency with highly trained, and experienced, counselors, home advisors, and financial coaches ready to help you make your dream of homeownership a reality.
Each affiliate operating a housing counseling program provides homebuyer education to help you learn all about the home purchase process including:
- How to Qualify for a Mortgage
- What's involved in Homeownership
- How to Manage your Finances
Each affiliate also has relationships with state and local agencies that may provide down payment assistance and other incentives for new homeowners and the housing counselors offer support to help you maximize your savings and credit building efforts to reach your goals.
And once you become a homeowner the Urban League is still there for you!
Affiliates also offer post-purchase education and counseling services to help you manage your new asset and help it work for you and your family in all the ways possible!
AVOID THE COMMON MISTAKES
The biggest mistake people looking to buy a home is seeing, or hearing, an ad about being pre-approved, going into a bank and getting a mortgage without getting advice. This is bad for a couple of reasons – without guidance you might:
- Get a Mortgage You Can’t Afford – Pre-approval simply means you meet the qualifications for a mortgage for a fixed-amount. This does not take into account the unique finances you may have and jeopardize you staying in your home comfortably.
- Sign up for a mortgage without clearly understanding the terms – One of the major reasons communities of color and lower income Americans fell victim to inflatable mortgages with balloon payments that led to foreclosure was not understanding the terms of their mortgage.
A certified counselor can help you avoid these pitfalls and help you find an option that works for you, when you’re ready.