Our Saturday Meetups include all three "classes" on giving you the information to determine if/when becoming a homeowner will be a "good move" for you.
"Math for Homebuyers", the first topic, will cover the most important numbers involved: how the type of and amount of income you have relates to how much the payment can be; while lenders say you can afford various loan amounts, you should double-check that, and we'll show you how; how to roughly qualify various purchase prices to what you pay for rent now; why and how much cash is required, and the various ways you can lower that.
"Credit for Borrowers" is the second topic, and we'll review both your own credit report (go to this link: https://www.annualcreditreport.com/cra/index and obtain/print/bring your free report with all three bureaus in it, to the class. We'll teach you how to better your scores, if possible, how to use credit wisely in light of your current references and scores, how your scores impact the cost of borrowing, and what you can do to clean up erroneous information in the report.
"Loan Programs for Homeowners" is the third topic, and converts what you've learned in the first two classes into numbers you can actually consider. The concept of planning actually starts at this point, as what you do with this information is the key: plan on sleeping on the numbers before rushing into the purchase transaction, especially in light of recommendations we'll be making about how to select Realtor Purchaser Advocates, and whatever action you'll need to accomplish with what you've learned prior to making purchase offers. We'll also talk about the Purchase Contracts and buying process, and current home values.
There's lots of threats (debt, borrowing opportunity, lack of knowledge) out there that can keep you from being qualified to buy a house. At the same time, with a little foresight, you can plan on paying off current debt, a future debt, even your home, all inside the next three life stages you'll experience. Sound like "voodoo" math?? We'll be talking about how income and debt relate to any purchase, or any borrowing opportunity, and how to set yourself up for success, in whatever income-producing venue you find yourself in. When is debt smart, and when is it harmful? How do specific kinds of income or debt relate to financial risk, or success? What comes first, the income egg or the chicken debt management? What makes sense to you for your life goals or style? How much house do you really want to "afford"? How many years of your life should you dedicate to buying housing/paying a mortgage? Come learn with us!!