The Credit Professional Fall 2015 | Page 12

continued from page 11 Understanding Credit This section explains all aspects of credit including credit reporting, credit scores, Are You Ready To Buy debt management, A Home and identity theft. This section is a general Individuals are provided overview of the home purchase with tips about how to process, including the improve poor credit and advantages and disadvantages information about how of homeownership; the steps to to use credit wisely in buying a home; the key people order to maintain good involved; and the associated credit, especially for the costs, calculations, and purpose of obtaining a considerations. The information mortgage loan. provided allows participants to decide whether or not buying a Getting A Mortgage Loan home is the right choice and This section details the whether or not buying a home mortgage loan process. is an affordable option. Individuals learn what a mortgage is, what types are available, where to find lenders, how to compare loan products and lender services, and what lenders do to review loan applications and determine loan approvals. getting a mortgage loan; shopping for a home; keeping your home and managing your finances. Managing Your Money This section discusses the importance of managing personal finances by choosing how to spend and save money. Special emphasis is given on saving towards home purchase costs—such as down payment, closing costs and moving expenses—and towards future home maintenance and repair costs. Spending habits may need to be changed in order to buy a home and cover routine costs of homeownership. Shopping For A Home This section provides information on how to be a smart homebuyer. The task of finding the right home includes understanding the steps and corresponding timelines; selecting the right home-buying professionals; weighing the “wants” versus the “needs”; and negotiating the deal. A smart homebuyer is a happy homebuyer! Keeping Your Home and Managing Your Finances This section delivers tips and tools necessary to sustain homeownership. Maintaining the home should be of high importance and managing personal finances to cover home expenses should be of upmost priority. Individuals learn how to protect their investment and how to seek help if their investment is in jeopardy. Individuals complete each section through the use of videos and text and through the passing of corresponding quizzes and tests. Homeownership counseling is offered to all individuals who complete the course, to further their opportunity for successful homeownership. The homeownership counselor offers guidance and support to implement plans and action steps consistent with homeownership goals. Referrals to professional partners and additional resources are also provided as necessary. The homeownership counselor is skilled in all areas of homeownership and credit counseling t