Buying a home can be confusing and scary, but learning how the homebuying process works can make it less confusing. Taking NHS’ Home Ownership classes are an important first step to homeownership.
Offered in both English and Spanish several times each week in Chicago and Elgin, the classes are free and provide all the information people need to get ready to purchase, rehab, insure, and maintain a home. Attendees who complete the four-class, eight-hour curriculum will earn a Homeownership Education Certificate, which many lenders now require before issuing a loan. Taking the homeownership classes in order and at the same location is preferred and recommended, but it is not required.
Classes are taught in four parts, and cover:
I. Orientation
IS HOME OWNERSHIP FOR ME? Explore the pros and cons of home ownership, along with the added responsibilities of owning a home today and in the future.
II. Budget and Credit
BUDGETING AND CASH-FLOW MANAGEMENT Learn how to improve your money management skills and increase your fiscal awareness, so that you can afford and manage a mortgage payment in the future. Also learn what credit is and how to improve your credit score.
III. Shopping for a Home
Learn how to shop for a home, and find out about some of the steps that you will go through, such as the HOME INSPECTION. Hear directly from a home inspector on what to look for in evaluating a home.
WORKING WITH A REAL ESTATE PROFESSIONAL – Learn about the advantages of working with Realtors and Realitists, such as finding the right house for your needs and maintaining open communication with the lender, Title Company, the seller and you!
IV. Getting the Deal Done
THE LENDER & UNDERWRITING—HOW DO I QUALIFY? Don’t be confused by terms like ‘Down payment’, ‘closing costs’, ‘reserves’, ‘points’. Learn the language of home buying and prepare for your loan application.
THE MORTGAGE LOAN Receive an introduction to the mortgage loan process: Loan application, Good Faith Estimate, Truth-in-Lending disclosure, the Note, the Mortgage, the Deed. Learn what to look for in these documents.
WHAT AM I SIGNING THE DAY I CLOSE? An easy-to-understand overview of documents you will sign at your loan closing.
For locations and to register, please visit our calendar,
or call 773-329-4010 (English)
773-579-0032 (Español)
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