Where and How Can I Receive Mortgage Education?
Securing a mortgage can make your dreams of homeownership a reality. But while a mortgage might be the most important loan you receive, you may not understand how they work. What type of loans is available to you? What type of interest rate should you get? Do you need a down payment? These questions and more might flood your head, making the entire process seem overwhelming and intimidating.
Mortgage education is key to allaying your fears and building your confidence, but you may be wondering where you can go to learn more about the steps required to get a home loan.
1. Consult a Mortgage Expert
When some people seek advice about the mortgage process, they turn to friends or family who have bought a home. These individuals can be an invaluable resource, providing tips, suggestions, and warnings. But unless they’re a mortgage professional, their insight could be biased and limited.
If you’re looking for accurate and professional advice, our loan experts at Cherry Creek Mortgage can explain the steps involved and help you sift through available financing options. With your best interest in mind, we can answer your questions, recommend mortgage programs based on your situation, provide information on down payment requirements, explain credit requirements, and much more! Whether you’re looking to buy your first place, refinance or move up, give us a call to start the process.
2. Educate Yourself Online
If you're not ready for a one-on-one conversation with a mortgage expert—no problem. Just know that we’re available to assist once you’re prepared to move forward. In the meantime, take advantage of our many online resources designed to educate and help you become familiar with the mortgage process.
You’ll find a multitude of mortgage resources, such as detailed information on different loans to help you narrow down the right program for you. Our resource center also features buyer and seller guides, mortgage calculators, a glossary of mortgage terms, and a library of blog posts highlighting a variety of mortgage topics including down payments, closing costs, rent vs. buy, credit scores and more.
3. Take a Homebuyer Education Course
Enrolling in a homebuyer education course is another fantastic way to build your confidence and gain a better understanding of the lending process. Homebuyer education is required for some first-time homebuyer programs, such as Fannie Mae's HomeReady loan, but even if your particular home loan program doesn’t require this type of education, consider signing up for a web-based course on your own, or conduct a search to see if any organizations in your local area offer in-class instruction.
This education not only highlights ways to prepare your finances and credit for homeownership, it also teaches you how to successfully manage a home loan after closing. Topics covered in these courses may include mortgage options, interest rates, down payments, credit requirements, the application process, closing costs, budgeting and more.
If you’re a first-time homebuyer and your loan program requires homebuyer education, you’ll receive a certificate upon completion of the course.
Don't let fear stop you from applying for a mortgage and buying a house. Homeownership can be a steppingstone to greater wealth and provide the stability you deserve. If you’re ready for this next step in your life, contact the loan experts at Cherry Creek Mortgage. We’re happy to point you in the right direction and answer any questions you have about the mortgage process.